PAINTED WOLF GROWS PORTFOLIO WITH AWARD OF NEW LICENCES

14 September 2020

Painted Wolf Resources has been offered sixteen blocks and part blocks, in six licences, in the United Kingdom 32nd Offshore Licensing Round. This quality addition to its portfolio, establishes Painted Wolf Resources as a significant player in the UK Sector of the Southern North Sea gas province.

The offer includes two of the company’s top three targets: Block 49/8b contains the Monterey gas discovery, assessed as a potentially economically viable development opportunity, materially enhanced by additional surrounding opportunities; Blocks 49/11e & 49/16b contain eight gas fields, including the western portion of Viking A and all of Viking C.  The fields in this acreage have collectively produced over 1tcf of gas prior to recent decommissioning. By applying modern development and completion techniques, these fields represent an excellent opportunity for re-development with multiple infrastructure export options.