Formal Award of License P2244

The Steam Oil Production Company Ltd is pleased to announce the formal award of promote licence P2244 coverings blocks 21/27a and 28/2a. This award follows the announcement by DECC on the 6th November 2014 of offers of licences in the 28th licensing round. The start date of the licence is the 1st December 2014.

The Steam Oil Production Company Ltd has started discussions with a number of oil companies about participation in a three stage process to bring the Pilot fields into production. The initial stage will involve reservoir modelling, core studies and conceptual engineering work to validate the expected recovery and overall feasibility of the project. The second stage would then involve the preparation of a well defined project for a final investment decision, whilst the final stage would be the implementation of the project itself.

The formal award of the license is an important first step in building the partnership which will implement Europe's first offshore steam flood project.