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Making the Most from UKCS Exploration Simon Toole Director – Licensing, Exploration & Development Prospex Fair 11/12 Dec 2007.

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Presentation on theme: "Making the Most from UKCS Exploration Simon Toole Director – Licensing, Exploration & Development Prospex Fair 11/12 Dec 2007."— Presentation transcript:

1 Making the Most from UKCS Exploration Simon Toole Director – Licensing, Exploration & Development Prospex Fair 11/12 Dec 2007

2 UKCS Undiscovered Resource Potential Fallow Process Success Promote Licence Statistics Licensing and 25 th Round West of Shetland Task Force BERR 2007 Promote CD DEAL Data Release

3 Creaming Curve Analysis Least Mature

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5 Level for BERR estimate Potential Undiscovered UKCS Resources Approx 9.4 bn boe WOS/S NNS CNS SNS

6 WOS SNS & EIS Incl leads > 20% COS Incl leads > 5% COS CNS NNS Basin Creaming Curves vs Lead Database (bn boe)

7 ? UKCS Creaming Curve vs Lead Database 2 bn 9 bn Incl leads > 20% COS Incl leads > 5% COS (bn boe)

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11 Status of 148 released blocks still under evaluation Activity is on the way – 43 subareas BR w ells committed FDP in preparation BR plan in progress Relinquishment on the way – 52 subareas Relinquishments are being processed, BR Drop decision made Currently under discussion – 53 subareas Previously drilled but now fallow again or proposing rescue work plan or making rescue Drill or Drop decision

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14 Status of other 155 Fallow Discoveries (current, but some decisions to end 2007 still changing) Discovery too small – 19 (now just part of fallow block) Class A – 72 ( Pre-development feasibility studies, Well or new seismic AFE'd Significant studies, Infrastructure full or none available) Class B – 52 Under discussion (mixture of newly identified and released on website) Fallow class BR - 12 Rescued with firm plan for activity

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18 Traditional Vs Promote Licences - Observations from 21, 22 & 23 rd Rounds Overall similar # licences drilled (21 Prom, 24 Trad). Anticipated drill rate (full cycle 21 st Round) – Trad 13/35 (37%), Prom 16/54 (30%). As expected, # of Promote wells build later in licence (farm out required, need to shoot seismic). Associated rig & new seismic time pressure. Quick cycling via tough Promote 2 year ‘continuation’ point – typically 40% go through based on ‘firm wells’ or ‘new seismic + contingent well’. Overall Promote potentially commercial success rates: –Exploration wells ~ 30% –Appraisal wells ~ 70%

19 Licensing Strategy Annual Rounds 25 th Round early 2008 Cumulative Acreage Incl. SEA 7 Focussed Terms Traditional Promote Frontier

20 WEST OF SHETLAND TASKFORCE

21 Area of high exploration activity potential Industry/Government TaskForce addressing gas infrastructure needs 30+ companies with interests in WOS Ca. 60 licences WOS West of Shetland Activity

22 2007 Promote CD

23 Promote CD Opportunities  44 Leads & 5 Discoveries  Maps, Stratigraphic columns and Cross Sections  In Place and Reserve Estimates  Play summaries CD available at DTI stand

24 West of BritainNorth Sea Unlicensed Opportunities

25 5 Leads: (Est Reserve Range) A mmbo B C D E Discovery (21/24-4): Untested 35 ft net reservoir mmbo Multiple Opportunities - 21/24

26 One of the largest undrilled UKCS structures: High Risk with Potential reserves of billion barrels West of Britain 214/1

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