Pharis – UK North Sea

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Pilot Field & Western Platform Development

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Pharis Energy Ltd (“Pharis”) is offering a select group of companies the opportunity to acquire an interest in UKCS licences P2244, P2320 and P2482, which contains the Pilot Field and multiple other material oil discoveries.

Key points:

  • Acquire a material position in a fully appraised oil accumulation, the Pilot Field, targeting 83 MMbbls of recoverable resources from 242 MMbbls of in-place oil volumes;
  • Eocene Tay Sandstone Member reservoir has excellent reservoir properties with high porosity (>30%), multi-Darcy permeabilities and superb net to gross (>95%);
  • Fluid properties of oil from the Pilot Field range from 12-17° API gravity with representative viscosity of c.400 cP. Other similar UK North Sea crude oils have found robust sales markets;
  • Low salinity polymer flood development concept selected. Concept Select Report submitted to the Oil & Gas Authority (OGA) and positive discussions continue. Development concept proven to be successful in analogue oil fields and studies, and also successfully implemented at Ithaca’s (previously Chevron’s) Captain Field in the UK North Sea;
  • Development project in line with the OGA’s strategy to Maximise Economic Recovery and also aligns with the OGA’s Net Zero targets. Estimated operational carbon emissions for the development of Pilot are 11 kg/bbl, which benchmarks very favourably with other UK North Sea oil production facilities, with significant opportunities to improve this metric;
  • Multiple oil discoveries, including Blakeney, Elke and Narwhal, captured within Pharis’s acreage, representing material development opportunities. Excluding the Pilot Field, discovered in-place oil volumes within Pharis’s acreage total 379 MMbbls (P50);
  • Significant follow-on potential identified via low-risk exploration opportunities – upwards of 500 MMbbls of P50 in-place oil volumes identified. In total, Pharis’s acreage potentially holds over 1,000 MMbbls (P50) of in-place oil volumes through proven discoveries and low-risk exploration potential.