DEO Petroleum plc (AIM:DEO), the independent oil and gas appraisal and development company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce an operational update together with its unaudited results for the six months ended 30 June 2011.
Key Highlights
  • Field Development Plan (“FDP”) for Perth submitted to the Department of Energy and Climate Change (“DECC”) today, with consent expected to take approximately six months;
  • Perth proposed to be developed using a Floating Production Storage Offtake Facility (“FPSO”), targeting management’s estimated Phase 1 gross mid case resources of 27.2 mboe, with first oil now estimated in H1 2014;
  • DEO is fully carried for the drilling of the first Gamma/Spaniards well, expected H2 2012;
  • DEO is participating in an ongoing 3D seismic acquisition over block 15/21 covering the Gamma/Spaniards, Dolphin and Sigma discoveries. The 3D seismic also covers Perth and will provide further information which will be used to optimise future development drilling;
  • New exploration and appraisal activities are underway, leading up to the 27thLicensing Round. We continue to work with our strategic partner, The Parkmead Group plc (“Parkmead”) and other North Sea participants in evaluating these new opportunities.
David Marshall, Chief Executive Officer of DEO, commented:
“The completion and on-time submission of the Perth FDP represents an important milestone in the Company’s evolution. The work we have carried out on Perth in 2011 has strengthened our view that the optimal development of Perth will require an FPSO.
Whilst focus will remain on advancing the FDP with DECC, we are also continuing to look at several acquisition opportunities and are working actively together with other North Sea participants in preparation for the 27th UK Licensing Round early next year.
We have a number of promising opportunities in the pipeline and we look forward to the next phase of DEO’s growth and development.”