Soliton Resources confirms that the North Sea Transition Authority has formally accepted the Licence P2390 joint venture's formal commitment to continue into Licence Phase C with effect from 1st October 2022, with the obligation to drill a well to 2135m which will test the Isolde prospect in Central North Sea Blocks 23/26e and 30/1d.

Soliton Resources founder, Graham Goffey, commented:
This decision typifies the positive role of the small exploration companies and micro-cap 'garagistas' like Soliton - re-working geology which the large companies are no longer evaluating, developing exciting new prospects and bringing them back to the industry to progress through drilling. This is the exploration ecosystem working as it should although the level of this sort of activity is much reduced. The band of small UK exploration players is shrinking fast, not especially helped by the fiscal uncertainty introduced via a windfall tax with its associated political theatre, as opposed to considered, balanced and lasting tax amendments designed with industry input to best encourage investment.

P2390 was originally licenced by Soliton on a 100% basis and at the point of licence application the Isolde prospect was largely conceptual, being invisible on legacy 3D data. However a quantitative calibration database and understanding of the evolution of the CNS salt diapir traps indicated the likely presence of around 900m of untested reservoir relief up-dip of flank well 23/26-17. Reprocessed 3D data has confirmed the presence of a sizeable trap closely in line with expectations so I am delighted to be moving into the drilling phase of the licence with this promising, low risk target.

KeyFacts Energy:  Soliton Resources UK country profile   l   KeyFacts Energy: UK country page