Block 14/30a Tudor Rose (Licence P1463)

Located in the Outer Moray Firth adjacent to Ivanhoe, Rob Roy and Goldeneye fields this Traditional Licence, contains 1 undeveloped discovery, 14/30a-2, named Tudor Rose. The well encountered a 24 metre oil column beneath a 3 metre gas cap at around 1000 metres subsea within Tertiary, Dornoch formation sands. Further prospects have been mapped on 3D seismic within the Lower Cretaceous Kopervik sand and the Jurassic Sgiath sand.

Interpretation of 208 square kilometres of 3D seismic was completed in the period, yielding encouraging results. The western pinch out of the Dornoch sands was confirmed and the area of the stratigraphic trap in two sand bodies (one undrilled) extended to the south.

Gas anomalies (1 coincident with the gas in 14/30a-2) were mapped within the stratigraphic closure. Nautical attributes 49mmbo of gross best estimate contingent resources to the Tudor Rose discovery. Pending further engineering studies and the interpretation of recently acquired amplitude versus offset (AVO) seismic volume, the Joint Venture will then decide if a new well is merited by early 2011.