South West Peninsula (SWP) Exploration

Asset Description

• 3 licences (Bonasse, Cedros and Icacos) providing contiguous acreage
• Shallow oil production demonstrates working petroleum systems; several leads / prospects identified
• On-trend structures offshore have yielded major fields within 12km of the South West Peninsula (SWP) of Trinidad

Technical Highlights

• Extension of Eastern Venezuela basin
• Substantial geological data
  • 53 historical wells;
  • Airborne Gravity, Gradiometric and Magnetic survey
  • 160km² 3D seismic; 1,000 line km 2D
• Current portfolio has leads / prospects with aggregate estimated Mean Unrisked resources of circa. 230 MMbbl; detailed evaluation and G&G studies to be undertaken post reprocessing of 3D seismic
• Specifically up to 9 Saffron lookalike prospects established; to be high-graded from reprocessed 3D seismic
• Deeper Herrera reservoir offers considerable additional prospectivity to be more fully assessed on reprocessing of 3D seismic

Near-Term Milestones

• Progress detailed technical review and reprocess 3D seismic data to identify potential targets for drilling in 2021/2022
• Prepare for exploration activity targeting potential Saffron-like discoveries