On the 6th of November the UK Government announced the results of the 28th Seaward Licensing Round. The Steam Oil Production Company had applied for two blocks 21/27a and 28/2a. We were delighted to learn that we are to be offered these blocks and look forward to working with DECC and industry partners to create a viable development plan for the Pilot and Harbour discoveries.
The Steam Oil Production Company was established with intention of launching the first offshore steam flood in Europe. The Pilot and Harbour reservoirs are among the few offshore fields which pass all the conventional screening criteria for a successful steam flood and we believe the fields have the potential to produce in excess of 125 mmbbls.