Cornerstone has announced that it has completed the acquisition of Block 47/3f (as well as certain other blocks) in offshore Licence P.2433, UK Southern North Sea from Painted Wolf Resources Limited.

Block 47/3f, which lies to the North of blocks already owned by Cornerstone, contains the low risk Baker prospect, a part of the low risk Carnaby prospect that Cornerstone did not already own and a small extension of the Company’s flagship Abbey discovery.

The Abbey discovery, on which the Company is planning to drill three horizontal production wells has audited proven and probable reserves of 111 Bscf of sales gas and 0.6 MMbbl of condensate. A Concept Select Report has been submitted to the NSTA and engineering studies are underway for the development of Abbey, which would utilise existing infrastructure in the area.

The Baker prospect, which will be tested by an exploration well in due course, is intended to be developed with a single horizontal well drilled from the Abbey infrastructure. Baker has been ascribed 57 Bscf of Mean Prospective Resources and is anticipated to flow similarly to wells on surrounding fields such as Apollo, Minerva and York.

Peter Young, Chief Executive Officer of Cornerstone Resources Group commented:
“Block 47/3f forms a key part of our plans for a new gas development around the Abbey discovery and we are delighted to have signed this agreement with Painted Wolf Resources.

“This area of the North Sea is a location in which our team have long seen significant potential. Developments in both technology and nearby infrastructure have positioned our Abbey development as one of the most exciting opportunities in the Southern North Sea both as a potential deliverer of profitable returns as well as low-carbon gas; in line with the UK’s planned energy transition strategy.

“We are extremely excited about the potential for this area and are looking forward to a busy year ahead as we progress our development.”