Our Assets

In the 32nd Offshore Licensing Round, the Company applied for, and was subsequently granted, Block 47/3i in the Southern North Sea.

Block 47/3i (licence P2582), contains the main part of the Abbey gas discovery and part of the adjacent Carnaby prospect, the balance of Abbey and Carnaby being in P2433 referred to below. The initial term of the exploration and appraisal phase began on 1 December 2020 and the work commitments for Phase A of the initial term are complete. Phase C is the exploration and appraisal phase, which ends on 1 January 2025, and carries a commitment to drill a well to 3,350 metres TVDSS or 30 metres below the top of the Carboniferous, whichever is shallower, which the company expects to drill as part of an approved Field Development Plan.

On 18 April 2022 the company received a Competent Persons Report from ERC Equipoise showing 2P reserves of 111 Bcf on Abbey and prospective resources on Carnaby of 28 Bcf. On 22 June 2022 the company received a letter of no objection from NSTA on its Concept Select Report and on 26 September 2022 the company submitted the draft Field Development Plan to the NSTA and other relevant regulatory bodies.

In March 2022, the Company agreed to acquire a 100% interest in Block 47/3f (licence P2433), from Painted Wolf Resources Limited (the “Acquisition”). Block 47/3f contains part of the Abbey Gas discovery and Carnaby prospect (the rest of which is in P2582), and the Abbey North and Baker prospects, which in addition to Carnaby have potential to be developed as tie-backs to the Abbey development. The initial term (Phase A) of the Block 47/3f (P2433) exploration and appraisal phase began on 1 October 2018 and the work commitments for the first phase of the initial term are complete. The second term of the exploration and appraisal phase, which ends on 30 September 2028, carries a commitment to drill a well.

On 18 April 2022 the company received a Competent Persons Report from ERC Equipoise showing prospective resources of 56 Bcf on Baker.