Tuesday 29 September 2020

Highlights:

Significant progress made in respect of the Concept Select work for the Company's flagship Greater Buchan Area ("GBA") development project

· Preferred development concept selected

· New production facility planned at the Buchan field location

· Proposed platform will be designed to accommodate fluids from neighbouring field developments via subsea tie-backs

· Export of potential future oil and gas production will be via subsea pipeline to existing neighbouring infrastructure

Enhanced subsurface understanding

· P50 technically recoverable 2C resources of more than 138 million stock tank barrels ("MMstb")

· P50 prospective resources of over 200 MMstb

· Buchan oil field dynamically modelled and history-matched to 36 years of production data

· Volumes assessed using latest Petroleum Geo-Services ASA ("PGS") 3D seismic data

Significant exploration portfolio

· 4 drill-ready exploration prospects with combined P50 prospective resources of 196 MMstb, in close proximity to the planned Buchan hub

Consolidating ownership within the GBA, acquired additional 70% working interest and operatorship in Licence P2170 increasing both our discovered and prospective resources

Strong cash position of approximately £8.9m at period end, c. £1m ahead due to cost discipline

The Greater Buchan Area

During the period, we acquired Equinor's 70% working interest in Licence P2170 (Blocks 20/5b and 21/1d), which contains the Verbier discovery, and as a result, we are now the operator of this licence, with a total working interest in the licence of 88%. We regard this as being strategically important to the Company, given that this acquisition increased both our discovered oil resources and our prospective resources.

We were also pleased to announce the appointment of Dr Chris Haynes, OBE, as an adviser to the Board, who is providing guidance and oversight to our GBA work programmes.