Southern North Sea

A key focus of our SNS portfolio is the West Viking (P2606) and Monterey (P2588) licences, each of which contains material development and / or redevelopment opportunities. We also hold the Harmonia (P2425), West Trent (P2431), TYMAR (P2433) and West London (P2581) SNS licences, containing numerous undeveloped discoveries and low-risk exploration prospects. Each of our licences is located close to existing gas export infrastructure.

LICENCES P2606 and P2588 WEST VIKING and MONTEREY

Our West Viking licence covers a substantial portion of the formerly-producing Viking Fields, "V" Fields and "A" Fields. Painted Wolf has identified material volumes of gas that can be economically recovered from undrained compartments, undeveloped discoveries and selected redevelopments in the licence area.

The Monterey licence contains the Monterey discovery and several additional prospects. Monterey was discovered in 1989 and appraised in 2006, but was not commercialised at the time. Using our subsurface expertise, together with advances in drilling and completion techniques and Ketch reservoir analogues in the area, Painted Wolf is working on a development plan for Monterey.

Both licences were awarded to Painted Wolf in 2020 as part of our successful applications in the 32nd Offshore Licensing Round.

LICENCES P2431 and P2425 HARMONIA and TRENT WEST

P2425 and P2431 contain four undeveloped discoveries: Harmonia, Kilmar-NW, Trent Extension & Trent West, together with multiple prospects and leads that are part of the highly productive, shoreface reservoir fairway of Early Westphalian A / Yeadonian age found in the Pegasus discovery, as well as deeper targets.

LICENCE P2433 TYMAR

TYMAR sits at the confluence of the Tolmount, York, Minerva, Apollo and Rough fields. Almost every structure in this highly prospective area is gas-charged, including the Joplin discovery (formerly known as Artemis), which is partially located within P2433. Based on Painted Wolf's remapping, an extensive inventory of field extensions, low-risk step-out targets and standalone prospects has been identified.

LICENCE P2581 WEST LONDON

West London is another licence awarded to Painted Wolf in the 32nd Offshore Licensing Round. We are currently evaluating the prospects and leads in the licence that are located near to redevelopments that are taking place in the CMS area.

Central North Sea: Tait a Material Prospect Hiding in Plain Sight

Licence P2339 in the Central North Sea has significant potential for large volumes of gas and associated condensate. It is located in the midst of the existing infrastructure associated with the Gannet and Guillemot fields and near term development associated with the Glengorm discovery.

The largest opportunity identified is the Auk Fm. Tait propsect which lies in a large fault block developed on the western margin of the Central Graben. Tait is prognosed to have a thick Rotliegend reservoir sealed by Zechstein evaporites, whilst charge is provided by mature Pentland and Heather Gp source rocks developed in the Graben and juxtaposed against the trap that contains Tait.

Overlaying Tait is the Fulmar Fm. Hobnob prospect. With an independent risk profile to Tait, a well drilled on the Hobnob / Tait pair is estimated to have around a 50% probability of making a commercial discovery.

P2339 contains a second stacked pair of Fulmar / Auk prospects with independent risk profles - Garibaldi and Garibaldi Deep. Again, both prospects can be tested via a single well, with a high chance of making a commercial discovery.

Painted Wolf's volumetrics give a mean of 477 bcf of gas and a further 66 mmbbls of condensate in aggregate for these four excellent prospects.