Advance Energy holds interests in several exploration licences on the UK Continental Shelf either directly or indirectly.
Via Resolute Oil & Gas Ltd (a wholly owned subsidiary): Dorset licences P1918 Colter & Colter South PEDL 330 & 345
Via a 25% shareholding in Eagle Gas Limited we have applications pending in the 32nd licencing round.
These assets are a legacy from before our recently revised strategy (see “Our Strategy”).
We are evaluating options to maximise their value in the short to medium term.
Although these interests are non-operated they are currently at an early stage in the exploration and development cycle, and have materiality and risk profiles that are unlikely to compete for capital under our current strategy.