historical prodction context, page-3

I think you need to outline what technology improvements you think are going to have a difference here? The only relevant one I can think of is developments in drilling which could mean you get higher initial production rates from new wells due to lower skin/damage but given the fields are producing 69% water productivity is clearly not the issue.

Either way all the technology in the world won't lead to the recovery of volumes that are not there.

Sure field developments are possible and have been highly profitiable. Apache's redevelopment of the Forties field in the North Sea is a great example of what is possible by integrating 4D seismic, new drilling technologies and conceptual geological models etc, but they never got production back to the peak rate or even close. Using Forties as an analogue for these leases even my 9 MMbbl 1P reserves outlined in a previous post looks very optimistic and should be revised down.

If you look at the Forties field produciton history it follows a similar pattern to these fields, you can see the impact Apache (an extremely technically capable operator) had when they took over in 2003 (https://www.og.decc.gov.uk/pprs/full_production.htm)

Shorter and shorter