2 nd Offshore Licensing Round of the Isle of Man At the extension of - PowerPoint PPT Presentation

2 nd Offshore Licensing Round of the Isle of Man At the extension of the East Irish Sea Basin, a mature hydrocarbon province.

2 nd Offshore Licensing Round of the Isle of Man Low commercial Risk • Existing Infrastructure to the U.K., Ireland and the EU • Shallow waters (average water depth 50-60m)

2 nd Offshore Licensing Round of the Isle of Man Functioning Petroleum System • Gas shows

2 nd Offshore Licensing Round of the Isle of Man Functioning Petroleum System • Untested Prospects

2 nd Offshore Licensing Round of the Isle of Man • Buried structures • Potential for deeper stratigraphic traps (Carboniferous)

2 nd Offshore Licensing Round of the Isle of Man New plays • Permian Play – Collyhurst Sandstone Seal – Triassic Mercia Mudstone Group Reservoir – Triassic Ormskirk Sandstone Seal – Permian St Bees Evaporites Reservoir - Permian Collyhurst Sandstone Source rock – Namurian basinal shales

2 nd Offshore Licensing Round of the Isle of Man Fiscal Terms • Up to 9 year licence period • 5-40% Production royalty depending on recovery (using R factor comparison of gross revenue to gross costs ratio) • Acreage licence Phase A -£15/km 2 , Phase B £30/km², Phase C £150/km²