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STRICTLY PRIVATE AND CONFIDENTIALMay 2009May 2009
Three of a kind beats a pairThe synergies of developing multiple small oil fields
May 2009
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
AGENDA
Corporate Rationale
Recent Experience
Location and Regional Context
Banquo Discovery
Helena Discovery
Tybalt Prospect
Development Scenario
Advantages
Way Forward
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Corporate Rationale
3
West Don, Don Southwest
Crawford, Causeway
Banquo, Helena
DSW, Bourbon, Handcross,
Katherine, Tybalt, Viola
Production base providing cash flow to underpin growth
Near-term developments driving production growth and increasing asset diversification
Undeveloped discoveries with lower-risk upside and ‘development optionality’
Diverse exploration portfolio giving exposure to incremental upside
Potential for consolidation and asset purchasesto access pan-North Sea growth opportunities
Acquisition Opportunities
Value Adding Potential
Valiant Strategic Area of Focus
Core NNS – near and medium term production
with significant E&A upside
Emerging WoS –‘Company-making’
potential
Emerging CNS– ‘Play-type’ diversification & new
opportunity set
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Recent Experience – Don Area
Don SW – Brent Field
2 production wells, 2 injection wells
West Don – Brent Field
2 horizontal producers 1 slanted injector well
Similar challenges bringing fields together through single facilities solution
Initial period tanker offload then tie back to Thistle
Achieved first production in April on schedule, under 1 year from FDP approval
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Location Map
5
211/8cTybalt
211/18a SW Don
211/18a W Don
211/13a Helena
211/8a Banquo
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Regional Stratigraphy
MAGNUS SANDSTONETybalt, West Penguin, Magnus
BRENT GROUPDon Fields, East Penguin
LUNDE FORMATIONCormorant, Banquo, Helena,
Alwyn North
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Triassic Depositional Environment
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Main Triassic depositional fairways in the East Shetland Basin
Source: Neil Meadows VPP Report 2008
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Upper Jurassic Depositional Facies Map
Magnus sandsEnter from the North
Home sandsEnter from the West
Cladhan sandsEnter from
the South West
Localisedsand
BrentEroded
Major faults
Eroded Brent
Inter basinal hinterland –
Good quality sand
Intra basinal hinterland –
Medium quality sand
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Source Kitchen
Main source rock: Kimmeridge Clay
Secondary source: Heather.
Both considered low risk for presence
Oil Kitchen Gas Kitchen
211210
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009 10
Banquo, Helena and Tybalt
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Banquo (Block 211/08a) – Triassic
211/08a-2 discovery well
Oil
21 mmboe Contingent Resource
Helena (Block 211/13a) – Triassic
211/13-1 discovery well
Oil or Gas Condensate
6.8 mmboe Contingent Resource
Tybalt (Block 211/08b) – Upper Jurassic
Exploration Prospect
Oil
38.6 mmbbls Prospective Resource
BANQUO
HELENA
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Regional East – West Lines
AA’
B’B
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Banquo Discovery
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Good Quality Reservoir predicted from elastic inversion seismic data up-dip of the L500 oil bearing sands tested at over 6000bopd by well 211/8-2.
RPS 2C Resource of 21.1 MM BOE
Sand
Sand
ODT
High dip indicates sand
Oil Section Tested
W E
B
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Helena Discovery
13
Acoustic inversion seismic data indicates good quality sandstone reservoirs in the L400 sand tested in 211/13-1 at 10mmcfd and 3000bcpd as well as L500 and L600 reservoirs.
RPS 2C Resource of 6.8 MM BOE
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Chemostratigraphy
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Recent study by Chemostrat
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Tybalt – Potential Resources Summary
Magnus Sand Depth Map (m)
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Tybalt reflection and inversion
N S W E
N S
W E
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Potential Hosts
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1
2
3
4
5
MagnusPenguin / Brent CNorthern ProducerThistleMurchison
1 12
2
3
34
45
5
STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Advantages
Material project size
Interest to potential hosts
Allows a concentrated development effort
Justifies team build out
Sequencing of activities can accelerate development
Batch drilling
Subsea installation / Rig Moves / DSV timing can be flexible
Builds on knowledge acquired from previous projects
Early identification of multiple projects allows planning and flow assurance to cover all potential
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STRICTLY PRIVATE AND CONFIDENTIALMay 2009
Banquo, Helena & Tybalt – Way Forward
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2009
2010
2011
Banquo and Tybalt site surveys acquired and are now drill ready
Seeking active partners for drilling phase
Initial concept design studies
Full field development / project execution
First oil Q4 2011
Appraisal drilling campaign (two wells)
Progress front-end engineering and design
Agree export route
Submission of FDP
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