Ansila Energy NL’s (ASX:ANA) (OTCMKTS:PGNYF) Seaward Licence P2607 has been executed and made live on the Oil Portal System, after formally awarding five southern north sea blocks to Hartshead Resources Ltd.
The blocks include 48/15c, 49/6c, 49/11c, 49/12d and 49/17b and contain multiple fields and undeveloped gas resources, together with a number of drill-ready exploration prospects.
Ansila reached an agreement to acquire the remaining 78.4% interest in Hartshead on December 14 and remains as its principal shareholder, holding a 21.6% stake.
Following the completion of the deal, HRL will become a wholly-owned subsidiary of Ansila.
UK Oil and Gas Authority (OGA) has provided HRL with a provisional start date of December 1, 2020, with the initial term of the licence of five years, followed by a second term of two years and third term (intended for production) of 18 years.
Multi-phased development
The company plans a multi-phased development of existing gas discoveries including:
- Phase I – Victoria and Viking Wx fields with 217 billion cubic feet oil of audited 2C contingent resources; and
- Phase II – Audrey NW and Tethys North fields with 139 billion cubic feet of 2C contingent resources.
In addition, the Phase III exploration portfolio includes 141 bcf of 2U prospective resources in two drill-ready exploration prospects (Vixen SW and Vixen SE).
The field development plan (FDP) submission and front end engineering and design (FEED) for Phase I is targeted by April 2022, with work on the Phase II projects continuing in parallel and targeting of the preliminary FDP/FEED for Audrey NW and Tethys North in quarter four 2020.