Quick background on the play. Boaz was previous held under license by Nick Terrell’s Azinor. The prospect has a P50 of 90MBOE and p10 of around 240MBOE with an average hydrocarbon discovery size in the Triassic of 95MBOE. These are nice big juicy targets for a ILX tie-in play. Also a big plus is the average COS of 40% so it is a low risk high reward play. Boaz has not had a Triassic drill I consider us in a very good position to have gotten it, but this was likely planned out for a while. Nick Terrell is on the Finder team and runs our UK ops, he knows the prospect and had it lined up for drill up until covid when the asset sales were forced with $30 oil (from memory) and boaz license dropped. Now it is in our pocket alongside Equinor. So what is in this for Equinor? I think I know the answer. The big boy from Norway has big plans for the Gina Krog field’s life extension. Only 2 months ago they submitted plans to the regulator for the development of the Eirin field. Eirin is play with 28MBOE gas/condensate with planned 100% subsea infrastructure. Here’s the kicker; Eirin is 5km southeast of Boaz which means cheap as chips flow line infrastructure. Combine this with the September quote from Equinor’s VP for Field Life Extensions – “extending Gina Krog’s productive life also gives us the opportunity to mature additional new reserves in the area. We’re still seeing possibilities for new discoveries, which is why Eirin’s new subsea facility will enable tie-in of new fields.” Pretty easy to figure out they are talking about the potential tying in of Boaz. So to conclude, we have got ourselves a significant opportunity here. We are going to do the prospect generation and it looks to me like Equinor will pony up for their portion of the drilling while we farm ours out.
