Cornerstone was formed in 2017 and with a strong technical and commercial team reviewing various M&A opportunities the team decided to target the Abbey discovery.
The management team applied for licence P2582 in 2019 in the UK SNS 32nd Round, which was awarded in 2020. Post acquiring the licence the Company carried out a full technical work programme on the Abbey using 2021 reprocessed data.
The work programme confirmed the commerciality of the licence using proven modern development techniques.
In addition to this Cornerstone recently acquired a neighbouring licence and now have significant additional potential across the portfolio to grow and produce value for shareholders.
First gas is planned for 2H 2024.
