Recent Corporate History

Recent Corporate History

Corporate restructuring

  • New leadership team put in place during 2017 to build a sustainable production and development oil and gas company in the UKCS
  • Successfully completed the restructuring of the company in 2017
  • Created a stable platform from which to execute its growth strategy
    – Clean balance sheet
    – Access to additional funding from key shareholders

  • Secured a four-year extension to the Bentley licence until 30 June 2021

2017-2018 Progress

  • Developed a Bentley field subsurface case with verification by independent technical authorities
  • Validated a credible Bentley field development solution which defines and demonstrates the basic economic viability of the project by using an industry standard IPA FEL approach
  • Delivered the Bentley field licence extension milestones, MER UK obligations and demonstrated effective Asset Stewardship
  • Successfully completed the P&A of all remaining Bentley field wells using a cost effective offshore solution