Following a strategic review of the business, a decision was taken to divest the offshore business and focus on the onshore conventional and unconventional opportunities. As such, an agreement was reached in September 2018 with Hague and London Oil (HALO) to acquire the offshore business, Third Energy Offshore Limited.
Third Energy has a significant offshore UK portfolio in the Southern North Sea basin focused on Quadrants 43 and 44. The portfolio consists of a major discovery in the Greater Pegasus Area, including its various compartments, prior discoveries and exploration prospects with significant potential.
Third Energy’s view is that the separate compartments of gas that comprise the Greater Pegasus structure and additional undeveloped near-by discoveries could lead to the development of a major new gathering hub in this part of the Southern North Sea Gas Basin.
Early development of these resources is possible through utilising available capacity in one of several third party gas infrastructure systems in the area.
The portfolio is made up of three asset areas, each with substantial discovered gas.
Blocks 43/12, 43/13, 43/17b, 43/18, 43/19
Third Energy 45%, operated by Centrica
Third Energy holds a 45% interest in the Greater Pegasus Area, which offers the opportunity of a technically simple gas development that can be developed in sequential phases over the next five to seven years. We are working with our partner Centrica towards a Field Development Plan of integrated appraisal, development and exploration that optimises this phased approach. The area comprises Pegasus West and other discoveries, including Browney, and adjacent low risk undrilled segments, such as Andromeda.
Third Energy 50%, operated by Ineos
Third Energy has 50% interest in the block containing the Carna gas discovery (well 43/21-5z). Attractive development options for Carna opened up with the Pegasus discovery as well as demonstrating potential upside on the flanks of the Pegasus structure.
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