Perseverance #1 – B North structure chosen

  • Considered to have the lowest risk along the Fold B structure with anticipated effective top seal, preferred migration pathway and charge attributes.
  • Stacked plays from Upper Jurassic mega bank and reef systems throughout the Lower Cretaceous.
  • Establishment of the hydrocarbons at the Perseverance #1 location de-risks the entire B structure.
  • P50 prospective resources of 0.7 billion bbls with an upside of 1.4 billion bbls.
  • Total B Structure: most likely recoverable resource > 2 billion bbls.
  • >$100 million spent to date.

(1) As per Ryder Scott CPR (2011) based upon 2D seismic only
(2) Utilizing modern 2D and 3D


Perseverance #1 – Operational readiness: proceeding at pace targeting Q1 2021 spud

  • Unconditional rig contract with Stena signed
  • Globally renowned service companies engaged, all with major existing operations in the nearby Gulf of Mexico
  • Long-lead and critical path items purchased, received and warehoused
  • Drilling team in place and ready to recommence
  • Covid-19 strategy and protocols enacted
  • Well cost estimate $25 -30 million (incl. $5 million contingency)
  • Funding strategy defined

Perseverance #1 – Approved Environmental Authorisation (EA)

  • Approved EA comprises upgraded Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP)
  • EMP includes rig / equipment / location specific data
  • Unique Environmental Sensitivity Maps and Index data base created
  • Field baseline surveys completed

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Near-Term Milestones

  • Operational readiness for Perseverance #1
  • The rig mobilisation has been scheduled to fall between mid-December and February
  • Perseverance #1 drilling and logging – establish the presence of moveable hydrocarbons
  • Resource definition
  • Licence extension

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