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PAINTED WOLF RESOURCES GROWS PORTFOLIO WITH AWARD OF NEW LICENCES


Painted Wolf Resources has been offered sixteen blocks and part blocks, in six licences, in the United Kingdom 32nd Offshore Licensing Round. This quality addition to its portfolio, establishes Painted Wolf Resources as a significant player in the UK Sector of the Southern North Sea gas province.

The offer includes two of the company's top three targets: Block 49/8b contains the Monterey gas discovery, assessed as a potentially economically viable development opportunity, materially enhanced by additional surrounding opportunities; Blocks 49/11e & 49/16b contain eight gas fields, including the western portion of Viking A and all of Viking C.  The fields in this acreage have collectively produced over 1tcf of gas prior to recent decommissioning. By applying modern development and completion techniques, these fields represent an excellent opportunity for re-development with multiple infrastructure export options.

Commenting on the award Andy Mortimer, Chief Executive Officer of Painted Wolf Resources said:

“Natural gas will continue to play a vital role in the country's energy mix as the United Kingdom transitions to a carbon neutral economy. Forty per cent of UK power is generated from natural gas and without increased domestic production the country will be more reliant on imports. This includes large volumes of LNG that has a carbon footprint twice that of domestically produced gas.

“Collectively, the Painted Wolf team has a long history of working the Southern North Sea gas province and believes that substantial new volumes still remain to be produced and developed. We are committed to utilising our expertise to extend the life of existing fields and finding new, adjacent gas resources that can be tied into these fields at low cost. We would welcome hearing from like- minded companies and investors who share the same vision.”



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