ARG12 Dec 2021 11:04
The Company's principal asset is a 100 per cent. interest in Licence PL001, a production licence covering an area of approximately 1,126 square kilometres in the North Falkland Basin. Licence PL001 is adjacent and to the west of the large Sea Lion oil discovery which is reported to contain some 530 million barrels of recoverable oil. A 3D seismic survey was acquired by the Company in early 2011 covering the entire Licence Area. The high quality of the seismic data acquired enabled the Company to identify 52 prospects and 40 leads within the Licence. The Company's Competent Person's Report ('CPR') issued in July 2013 described 52 prospects with a total unrisked potential of 3.1 billion barrels of prospective recoverable resource in the most likely case, and up to 10.4 billion barrels in the upside case.