BADGER PROSPECT

LICENCE P2112 (Blocks 43/29a, 43/30b, 48/5a & 48/4a)

Strategic Business Logic

  • Large structural prospect with multi-BCF potential in proven Carboniferous gas “fairway”
  • Prospect remains undrilled because it lies at the junction of 4 license blocks (43/29a, 43/30b, 48/4b, 48/5a) which historically were always under different ownership.
  • Reprocessed PGS 3D to Pre-Stack Depth Migration (PSDM) to reduce risk and uncertainty for the prospect
  • PSDM is essential because the prospect lies beneath a Zechstein salt dome

Core Value

  • Prospect is close to existing infrastructure.
  • Significant prospective gas in place makes Badger one of the largest undeveloped prospects in UK North Sea
  • Andalas expertise and local knowledge will be applied to support technical and farm-out process

Planned Operations & Newsflow

  • Farm-out the drill or drop commitment
  • Extend licence

Badger Prospect Map

Table 1 Gross prospective unrisked resources (Note 1 and 2):

table1

Table 2 Net (to Holywell) prospective unrisked resources*

table2

*Andalas has a 25% shareholding in Eagle, which is the 100% owner of Holywell, which is the owner of 66 2/3% of the licence.