Southern North Sea
The Southern North Sea is a world class gas basin which has been producing gas since the 1960’s and is currently undergoing a revitalisation driven by increased demand for natural gas, availability of new regional scale datasets and significant recent exploration success including Breagh, Cygnus, Tolmount and Pegasus.
The Company has focussed on the development of a diverse portfolio of high impact, low cost drilling opportunities in underexplored, shallow water areas adjacent to recent discoveries and close to new or proposed infrastructure.
The current portfolio comprises a 100% equity position in two licences located off the North-East coast of England which contain 6 commercially viable drilling opportunities at 3 different stratigraphic levels. These opportunities are supported by a Competent Persons Report published in October 2016 on Licence P2248 which confirmed an aggregated P50 prospective resource of 1.74 TCF across 4 prospects on that licence alone.
Based on insights gained developing the current portfolio the Company has submitted a comprehensive bid for a number of additional licences within our core focus area in the recent 30th Offshore Licensing Round. The UK’s Oil and Gas Authority has indicated that notification of 30th Round Awards should be expected in Q2 2018.