Given the exclusivity arrangement, discussions and negotiations with other parties have been suspended, and the data room closed while the agreement is in place. But no assurance can be provided that a commercial transaction will ultimately be concluded with the Counterparty.
In April 2019, Schlumberger Oilfield UK PLC prepared a Competent Person’s Report (“CPR”) in relation to the Resolution gas discovery.
Schlumberger has made independent estimates of mean Contingent Gas Resources of 41 MMboe with a P90 to P10 range of 18 to 69 MMboe, that can be attributed to the Upper Permian Zechstein carbonate reservoir in the 1966 gas discovery made by Total in well 41/18-2 (UK).
The Endeavour discovery (Permian Plattendolomit, Zechstein Gp) is a potential satellite development to Resolution with mean Prospective Resources of 3.2 MMboe (Egdon’s estimate). Besides, exploration upside exists in the underlying Carboniferous (tight gas).
Marine 3D acquisition is planned for Spring 2020 window, subject to securing a farm-out partner. This 3D would also extend over the Endeavour gas discovery.
Edgon intends to drill and flow test an appraisal well to confirm the gas resources from the Resolution discovery before potential field development.