Summit – UK North Sea

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Avalon Oil Discovery Block 21/6b

Summit Exploration and Production Limited (“Summit”) is offering a select group of companies the opportunity to acquire an interest in UKCS licence P2006, which contains the Avalon oil discovery. Avalon is a fully appraised oil discovery located in the UK Central North Sea with multiple development options identified to develop the discovery’s modelled Mid-case in-place oil volumes of 46 MMbbls.

Key points:

  • Summit is divesting its entire 50% non-operated interest in the Avalon oil discovery following a change in corporate strategy;
  • Opportunity to actively participate in the design and selection of the optimum development option for Avalon. Multiple development options have been screened and high-graded options identified with potential gross recoverable resources in excess of 18 MMboe;
  • Near-term low cost development with FDP submission targeted for Q4 2021 and FID forecast for Q1 2022.