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Where are the biggest Atlanticopportunities now?

Making exploration profitable

Why low oil price is the besttime for ultradeepwater

How to reduce deepwaterdrilling costs

Event Report, Finding Oil in Atlantic Basins, May 27, 2015, London

Official publication of Finding Petroleum

Special report

Finding Oil in AtlanticBasinsMay 27, 2015, London

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This special edition of Digital Energy Journal is an Event Report from our forum in London on May 27, 2015, "Finding Oil in Atlantic Basins".

Finding Oil in Atlantic Basins

3

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“People don't investin exploration foraverage returns be-cause of the [high]risk,” said AndrewLodge, ExplorationDirector of PremierOil, in his openingremarks of the May27 Finding Petro-leum forum in Lon-don, “Finding Oil inAtlantic Basins.”

“They want and expect good returns. 20 percent internal rate of return, or 15 per cent min-imum.”

“If we [explorers] can't get that, why on earthshould the money come to us? It should go toutilities, other forms of energy that can givepredictable returns.”

There have been some big exploration suc-cesses over the past 5 years, including pre-saltexploration, particularly in Brazil, he said.

But there have also been high cost discoveries,where the drilling costs damaged the profitabil-ity of the overall project. “We must be carefulnow with the geology we pursue,” he said.

The oil and gas industry is “ridiculously com-petitive,” to the point where companies willpay whatever they need to pay to get a drillingrig they want, Mr Lodge said. “The rig com-pany knows that, the [drilling] price goes up,”he said.

But expensive drilling rates can destroy all ofthe value in the whole project. By paying somuch to drillers, “we are being in my view ir-responsible, around what is effectively a mar-gins business.”

Recent successes

The Atlantic margins have, over the past twoyears, “continued to breed success, particularlyin deepwater.”

Looking at the South Atlantic, “in the Westernside of Brazil, the pre-salt has continued to de-liver,” he said.

Now, “the discoveries are starting to moveback into more conventional deepwater post-rift plays” (oil which was deposited after SouthAmerica and Africa broke apart).

“A couple of years ago there was a big licenceround [in Brazil], there were over 20 wellsplanned or committed in that part of the worldin the next 5 years.”

There have been some interesting pre-salt dis-coveries in West Africa, “but they are also start-ing to wane a little bit, with the complexity ofthe pre-salt world,” he said.

Interesting West African discoveries in the pastcouple of years include Cairn in offshore Sene-gal, and Cosmos with a “reportedly huge gasdiscovery” in deepwater Mauritania. “It will beinteresting to see how they create a good returnfrom that investment,” he said.

However, “what we conventionally call theNorth Atlantic has not seen any significant dis-covery that I'm aware of over the past two yearperiod.”

Low oil price

“Speaking personally, I always felt that an oilprice greater than $100 was unsustainable,” hesaid.

“The problem was, as an industry we neverrecognise when the fall is going to happen, thenwe panic when the fall has occurred.”

“Exploration is considered by the integratedcompanies to be a discretionary budget item.That means cuts, cuts, cuts, not only to the pro-gram but also, sadly, to the people.”

“All we know is, [the price] will rebound. Wedon't know how long it will take to reboundand to what extent.”

According to experts consulted by Premier Oil,the fundamentals driving the oil price “aren'tas bad as you might expect,” he said.

“On the demand side, with the big markets ofChina and India, growth is slowing, [but] it hasnot stopped. In some parts of Western worldthe growth is ongoing. There is a demand.”

“The problem is there is too much supply.”

No-one knows for sure about motivations inSaudi Arabia, but “fundamentally I think it isabout capturing and maintaining market share.”

“The biggest impact on the [Saudi] marketshare has been US unconventional resources.”

“So I would translate it as [a move to try to]suppress US onshore oil, keeping it away frominternational markets,” he said.

“How long that will go on for, we don't know.”

“It has had an effect. The number of [new]wells has reduced.”

So meanwhile for the oil and gas industry, “itis about getting the cost down, because thatcontrols ultimately the rate of return to the in-vestor.”

When it comes to cost management, “we aredreadful in the oil industry and we've got worseand worse.”

Watch Andrew Lodge’s remarks on video atwww.findingpetroleum.com/video/1338.aspx

For the exploration department of an oil and gas company to be profitable, of course it needs to find oil, but theprofitability can also be ruined by high drilling costs, said Premier Oil’s Director of Exploration Andrew Lodge.

Digital Energy Journal - Special report, Finding Oil in Atlantic Basins, May 27, 2015

Making exploration profitable

Andrew Lodge


4 Digital Energy Journal - Special report, Finding Oil in Atlantic Basins, May 27, 2015

Finding oil with the play fairway approachThe play fairway approach to oil and gas exploration, mapping the areas of lowest exploration risk, has beensuccessful in the North Sea. Could it also work for exploration in the Northeast Atlantic Margin?

To trap oil or gasyou need a goodquality source rockof sufficient matu-rity, a reservoirlayer, the potentialfor the hydrocar-bons to migrate tothis layer, and atopseal to keep thehydrocarbons inplace.

One exploration approach is to determine theprobability of each of these factors being present,based on the available geoscience information,and so calculate the areas of lowest regional riskfor exploration, said Joanne Cranswick, Explo-ration Team Leader at LR Senergy, speaking atthe Finding Petroleum London forum on May27, “Finding Oil in Atlantic Basins”.

LR Senergy has been conducting these regionalgeological studies since 2003. It has publishedthem through its Ternan Reports, she said.

Ternan has studied the North Sea based on thisapproach, and has also successfully applied thetechnique to the Northeast Atlantic, where muchless is known about the geology.

North Sea approach

In the North Sea the approach examines thewhole petroleum system, to understand how thebasin has evolved.

As well as framing the geological structure, itaims to understand when sediments were de-posited and their gross depositional environment.

Ternan works with all publicly available well andseismic data as well as published studies and ref-erences.

Play fairway mapping uses this data to determineareas of lowest regional risk for future explo-ration and identify the most likely areas for newdiscoveries.

There is still significant potential in the NorthSea, she said.

Northeast Atlantic Margin

In the Northeast Atlantic Margin the geology ismore demanding, but this exploration methodol-ogy can still be applied.

The region has over 500 exploration wells, manyshallow bore holes and an extensive seismicdatabase.

“The whole length of the Northeast Atlantic mar-gin is also covered by gravity and magneticdata,” she said.

The study uses all this available data to define thestructure of the earth’s crust and map the ele-ments of the petroleum system.

Gravity modelling highlights the sediment thick-ness and by inference the depositional basins.

“To properly understand the geological historyof the Northeast Atlantic we have to reconstructthe plate positions during the Tertiary and Meso-zoic” she said.

As Greenland separated from Norway, UK andIreland a Mesozoic seaway was preserved alongthis margin and infilled with a variety of sedi-ments and volcanic lavas.

For the North Sea stratigraphic analysis is fol-lowed by regional mapping to determine theareas of lowest exploration risk.

The Northeast Atlantic is severely disrupted byvolcanism and continental breakup so plate re-construction, seismic and potential field mappingare key parts of the work programme. Extra stepsare needed to aid the understanding of reservoirdistribution in areas with more complex geologyand sparse well data.

The study showed that the hydrocarbon bearingreservoirs vary in age from pre-Cambrian toEocene, a similar age to North Sea reservoirs.

“Ternan has been very successful in applying thismethodology to the North Sea. We have had sim-ilar success adapting this to the Northeast Atlanticmargin.”

Joanne Cranswick, Exploration Team Leader, LR Senergy

5


Digital Energy Journal - Special report, Finding Oil in Atlantic Basins, May 27, 2015

A deepwaterdrilling rig canhave, “in manycases”, 25 per centnon-product ivetime, said MikeDyson, Director, Oiland Gas Practicewith professionalservices companyNavigant, speakingat the Finding Pe-troleum forum inLondon on May 27,“Finding Oil in At-lantic Basins.”

Mr Dyson was formerly BG Group’s generalmanager well engineering, and has 30 years’of experience with Shell and BG Group.

One of the biggest causes of the high non-pro-ductive time is the blow out preventer (BOP)stack. “It tends to require a lot of mainte-nance” he said.

“Macondo shone a light on the way we man-age pieces of equipment like that and the workwe now do to make sure these things are reli-able is expensive.”

A BOP is very old technology, he said. “Asubsea BOP is basically a land BOP withsome accumulators and a control systemaround it. There’s very little instrumentation.It is incredibly simple and certainly low tech.”

To reduce the risk of BOP related non-produc-tive time, it might be smart for operators toask questions about how the BOP is beingmaintained when you hire a drilling rig, hesaid.

You could say to the drilling contractor, “showme the BOP track record, convince me youhave the right quality of people managing thatequipment, show me you’re tracking mainte-nance and repairs, you’re using spare partssupplied from a reputable manufacturer, thetests are carried out as per legal and companyrequirements.”

“If necessary I suggest being prepared to paymore money to accept a higher quality solu-tion.”

One conference attendee commented that hehad seen as many problems with BOP relia-

bility on new rigs as on old ones. “I tend toagree, that’s certainly been my experience aswell,” Mr Dyson replied.

Mr Dyson was asked whether it was due toBOPs getting more complicated in responseto Macondo.

“I don’t think BOPs have got overly compli-cated. I think it’s mostly around the mainte-nance programs that are now more rigorous,and the need to rebuild BOP technician com-petency which attracts more attention on thosekind of rigs.”

“Have we gone overboard on Macondo? I per-sonally don’t think so, I think it’s tighteningup what should have been happening any-way.”

Better well engineering

Oil and gas companies would also benefitfrom being more focussed on well engineer-ing, he said.

“I hold up my hand and declare that I'm a wellengineer. But in general, I think we've seenfairly disappointing upstream oil and gas proj-ect performance and well engineers haveplayed their part in that.”

Many oil and gas companies see well engi-neering as a non-core activity. “In some com-panies, it’s been delegated to drillingcontractors and service companies, withoutthe management controls and interest it shouldhave had, given the costs and risks to the busi-ness.”

Mr Dyson explained the basic well deliveryprocess. He said “many companies could im-prove their well delivery process. For exam-ple, most do not have a rigorous enough“decision gate” process. “I've seen projects gothrough to spud where significant risks andopportunities has not been thought throughand managed.”

The drilling costs should also be worked outmore thoroughly, without giving senior man-agement an opportunity to interfere.

“Many times there's been an accurate bottomup calculation of the cost, then senior leader-ship have said, that's too much, you must doit for x per cent less.”

The lower estimate gets made in the plan,without any specific actions to deliver it and,guess what - it doesn’t materialise,” he said.

“There's a degree of honesty needed, andopenness, on what a well is going to cost, soeverybody understands and owns the num-bers.” By all means set separate performanceimprovement goals but avoid baking theminto the plan.

You can also continually challenge the indus-try partners and service companies to findways to do it more efficiently and effectively,he said.

Contracting

In your contract with the driller, “I would cer-tainly advocate incentivising for performanceand safety,” he said.

If you end up with a choice of a more expen-sive rig with a ‘hot crew’ which has workedon the rig before, or take a cheaper rig with acrew which has never worked together, hesaid. “In many cases I’d say, take the rig withthe ‘hot crew’.”

Oil companies should not micromanage theirdrilling companies. “The concept of the oper-ator planning, and contractor executing, Ithink is correct.”

In your contracting with suppliers, “youshould challenge prices, rates and margins,but you have to do it constructively,” he said.

“Buyers often ask for large discounts. If that'scoming out of a large profit margin it’s not anunreasonable request. But make sure there'sgive and take in there, for example offer to ex-tend the contract in return.”

Crew competency

For better drilling, you should also think morecarefully about crew competency. “There's abig difference between a good drilling crewand an average drilling crew.”

“When drilling a well, you've got one shot –make the most of it with the best planning andpeople you can.”

How to reduce drilling costsTop tips for reducing drilling costs include asking questions about the drillers’ management of their blow outpreventer (as a means of reducing BOP related NPT) and paying more attention to the well engineeringprocess, says Mike Dyson of Navigant.

Mike Dyson



Crew competency is arguably a contributoryfactor to the Deepwater Horizon disaster, hesaid. "I have read elsewhere that none of theregular crew on the Deepwater Horizon had auniversity degree," he said.

“We’re talking about the way we place signif-icant investment, and certainly a big opportu-nity for risk and incident, in people who arevery well intended and work very hard. Butin many cases they are not educated to a levelthat would enable them to question decisionsto the extent that they could have,” he said.

A useful initiative is “crew resource manage-ment”, an approach which comes from the air-craft industry, where you make sure differentpeople in a team are communicating and ques-tioning each other, he said. “That’s an exam-ple of something we can do more of in the oiland gas business in drilling and operations.”

Mr Dyson was asked about his views on thebest way to handle local content requirements,where the country whose water you aredrilling in demands that a certain number ofcrewmembers come from that country.

The demands are getting more technically fo-cussed, for example stating that you musthave a certain number of people at the highertechnical roles, a member of the audiencesaid.

“I think it certainly is a big requirement, andpart of the overall upfront understanding ofwhat is required, part of the decision onwhether to make an investment in a play, in acountry,” Mr Dyson replied. “I would advo-cate it needs to be taken seriously.”

“It’s not an unreasonable expectation thatyou’d spend money in the country and helpbuild capability. It needs to be embracedproactively and creatively.”

“So hire good people from that location, putthem into the company training scheme, andmove them around the world. I’m a big be-liever in diversity, I think people add valuewherever they work, even if it’s not in theirhome country. So it’s a fact of life to be em-braced.

“I worked with folks in BG Group operatingin East Africa, they certainly made it work.Not an easy challenge though,” he said.

Reducing spec

You may also be able to reduce the costs ofthe well by constructing it to a lower specifi-cation.

Companies tend to go for very conservativedesigns, making sure they can handle anypressure or temperature they might possiblyfind, and have options to do sidetracks.

Companies also often overdesign for low porepressures, making the well stronger than theyneed to (or with more strings of casing), incase the rock is not as strong as expected.

“We might be better off designing for P90 (theconditions you are 90% sure of finding) andaccepting that in some cases you won't get tothe objective, he said.

Comparing performance

You might identify savings by improving per-formance of different rigs, and by differentcrews on the same rig. For example you mightfind that one crew can do 20 joints of casingan hour, which is “not bad”. But another crewcan do 30 joints of casing an hour. That alonecan lead to a saving of $230,000 on a well.“And that's an operation we repeat manytimes.”

“By understanding why there is such variabil-ity and raising everybody up to the best per-forming crews and rigs, there's a hugeopportunity for everybody to do better,” hesaid.

“The proviso is the crew doing 30 joints anhour had better be doing it safely. But in myexperience, an efficient operation is a safe op-eration. They usually go hand in hand.”

IT

Information technology can also help drillwells faster in many ways.

Drilling wells is much safer than it was 25years ago, but not much quicker, he said.“Let’s bring some modern Information tech-nology to drilling.”

In his previous employment, “real time datacentres, where you bring in information fromkey drilling activities to a central location andhave experts look over the data, saved us a lotof down time and “train wrecks” in terms ofbad decisions,” he said.

“That kind of overview can be very power-ful.”

There are many ways to better monitor whatis happening on the rig. For example “use avideo camera to work out what's happeningon the drill floor. And by using (low cost) in-

ternet connected sensors the industry has anopportunity to collect and analyse lots of per-formance data in real-time.

Companies currently usually collect data fromdrilling rigs every 15 minutes, but that mightbe too long a time interval to give you usefulnotice if something is going wrong, he said.

Also, geosteering and automated rig equip-ment “can make a substantial difference,” hesaid.

Costs will drop

Drilling costs are dropping whatever you do,he said.

The drop in exploration activity, in particular,is leading to less demand for drilling rigs.With many rigs on a 1-2 year contract, thereis a delay between a drop in the oil price anda drop in drilling rig prices, he said. But pricesare starting to drop now.

There are “lots of new-builds still under con-struction, which will further force the cost ofdrill rigs down.”

At the same time we can expect to see reduc-ing fuel costs for drilling, and reducing mate-rials and talent (people) costs. There will beless competition for drilling licenses.

In addition, there is room to take costs out ofthe supply chain, which has become bloatedover the past 5 years.

Drillers’ competition for customers could en-courage them to make more effort to try todrill more efficiently. Standard day-rate pay-ments to drillers “are not that closely linkedto how quickly and safely the operation isconducted,” he said.

As a result of the low day rates, “many lowspec rigs will, I think, disappear from the mar-ket. Day rates may be barely sufficient to payan operating cost for a rig. There will be con-solidation amongst drilling contractors andalso service companies,” he said.

Watch Mr Dyson’s talk on video and download slides atwww.findingpetroleum.com/video/1339.aspx

7Digital Energy Journal - Special report, Finding Oil in Atlantic Basins, May 27, 2015


The best time for ultra-deepwater?A low oil price era could be the best possible time to go ultra-deepwater, if it means drilling costs are cheapest -and there are plenty of possible targets in the North and South Atlantic, said Spectrum’s Neil Hodgson

The best time to drillin the ultra-deepwatercould be when there’sa low oil price, saidNeil Hodgson, Exec-utive Vice PresidentMediterranean andMiddle East Regionwith seismic com-pany Spectrum,speaking at the Find-ing Petroleum May27 forum, “FindingOil in AtlanticBasins.”

Mr Hodgson defines ultra-deepwater as beingdeeper than 3000m water, about the deepestwhich has been drilled so far.

With the drop in oil price, oil companies are get-ting scared about deepwater, and going back tolooking at shallower water, where the availabletargets are much smaller, he said.

But drilling rig day rates might be about toplummet.

Consider that from 2001 to 2005, day rates fordrilling rigs were around $150,000 a day, andthe oil price was under $50 a barrel.

But in 2005-2006, the oil price went to around$60, and rig rates went up to around $600,000a day, and stayed high ever since.

The correlation here is simple supply and de-mand. When the oil price goes up, oil compa-nies get more enthusiastic about drilling, and ifthere’s not enough rigs “the day rate goescrazy,” he said.

But the same can happen in reverse. “The lasttime oil was $50 was in 2005, the rig day ratewas $150,000 a day,” he said. “My contentionis, if there's a fall in oil price and there's an over-supply of rigs, it will revert back to that posi-tion. Day rates for UDW rigs are already$400,000 a day and declining.”

Studies by Quest Offshore show that for thenext four years, supply of drilling rigs will out-strip demand, he said. So “we can expect dayrate to go right back down.”

This means that a well which might cost $200mwith high rig costs now costs $50m to $60m.“Think of the scale of the risk reduction in thatone step.”

Since steel, the main variable component in theconstruction of drilling rigs, is the same price asit was 10 years ago, it doesn’t make sense forpeople to say (today) that they can’t drill indeepwater until the price gets [up] to $100/bbl.

The only difference between today and 2005 isthat the oil industry has got used to paying ahigher rig price, he said.

Can we do it?

Can we drill at ultra-deepwater? We have allseen the charts from oil companies showinghow they are drilling in deeper and deeperwater, and the different rig designs they haveused, and there’s no reason to stop at 3000m, hesaid.

Some companies have been drilling in deeperwater longer than others, but it has not takenmuch time for the late starters to catch up, be-cause most of the expertise in deepwater drillingresides with the driller, not the operator.

As an example, “Repsol started in drilling indeepwater in 2007, now they've drilled in2700m of water,” he said. “Deepwater drillingis not the domain of supermajors, it is the do-main of every oil company.”

“The deepest water well in the world is byONGC offshore West Coast India, 3174m ofwater in 2013,” he said. “The reason they coulddo it is they used a Transocean rig. That's wherethe equipment, technology and know-how re-sides.”

Also consider that between 1986 and 2005, atime when the oil price was below $50 thewhole time, the maximum drilling depth in-creased from 2000m to 3000m, a big jump.

Prospectivity

The next question to answer is if there is anyprospectivity (ie potential oil and gas) in deep-water.

Mr Hodgson showed a chart of the thickness ofsediment in oceans around the world. In muchof the Southern Atlantic Ocean, there is between7 and 9km of sediment.

There is more sediment that hasn’t been ex-plored than sediment that has been explored, hesaid. “We haven't explored it because we didn't

think we could [due to water depths], but wecan.”

Source rock has recently been found offshoreNamibia, on the West African coast. There could be a great deal of hydrocarbonsource rock in the South Atlantic. Consider thatthe South Atlantic was previously an enclosedsea, with South America and Africa closer to-gether, bounded to the South by the FalklandsPlateau.

It is known by geologists as the Aptian Sea. “re-ported as the largest inland sea there's ever beenon planet earth,” he said.

As an isolated basin, it could collect a lot of sed-iment from rivers flowing from the West andEast, he said. “Just like the Black Sea, it’s a fan-tastic place for sinking organic material.”

For oil in the source rock to form, you needabout 3 to 4 km of sediment above the sourcerock, to heat it to the required 100 degrees C.You can map out which areas of the South At-lantic have this thick sediment, he said.

Traps

To have a reservoir, you also need a trap.

Mr Hodgson reported on some research madeby an oil major on all of their discoveries, andfound that for slope channel systems (such asold riverbeds) you have a chance of success of1 in 10, and the average resource size is 100mmbbls.

However for oil discoveries in apron fan sands,the chance of success is 1 in 3 and the averageresource size is a billion barrels.

This oil major has “drilled 100 exploration wellsa year for 50 years, so they know what theirchances of success are,” he said.

In Uruguay (East coast of South America), thereare “apron fan sands on the basin floor,” he said.“These are the big plays we are looking for.”

Much of the seismic imagery, shown in termsof time, shows the fans pointing upwards to-wards land, which means that the oil could mi-grate up the fan and get lost.

However if you convert time to depth, you seethat the dip goes the other way, towards theocean ridge. “You’ve got a perfect stratigraphic

Neil Hodgson



trap,” he said. This geometry is formed by platescale processes creating very large traps.

“These are the biggest prospects you're evergoing to see.”

“You can pick any line offshore Uruguay andgo from PSTM (post stack time migration) toPSDM (post stack depth migration) and alwaysget the same thing,” he said. “When we convertit to depth, it all dips up in the seaward direc-tion.”

A similar picture with apron fan sands can beseen from the East Coast of the US, Namibia,and the South Africa Orange Basin, Gabon,Mauritania (site of a recent Kosmos Discovery)and Senegal (site of recent Cairn discovey).

Mr Hodgson concludes that the reservoirs, thelow risk traps and the source are all to be foundin ultra deepwater and the economic risk profilefor exploration is never better than when the oilprice is close to $50/bbl. Hodgson says “We

have begun the journey into deep water drilling– but we mustn’t stop before we get the prize”.

Watch Mr Hodgson’s talk on video and download slides at www.findingpetroleum.com/video/1349.aspx

TGS and the MSGBC basinBen Sayers, Project Developer with TGS, pre-sented a talk on North West Africa Atlantic Mar-gin MSGBC Basin Prospectivity (MSGBCstands for Mauritania, Senegal, The Gambia,Guinea Bissau and Guinea Conakry).

To date 177 exploration wells have been drilledin the basin with 115 (66 per cent) encounteringhydrocarbons.

This includes 110 offshore wells, of which 60are in water depths greater than 100m, and 30of those are in water depths greater than 1000m,and two of those are in water deeper than2000m.

TGS acquired over 28,000km of 2D seismic

data over the basin in 2012, and subsequentlyover a billion barrels of oil were discovered inthe basin in 2014.

The region is relatively unexplored, with onewell every 6,000km2, he said. The basin isaround a third of the size of the Gulf of Mexico,extending from onshore to water depths of upto 4000m.

The basin has three main petroleum systems.

There is a post-rift sequence (with oil createdafter the rift between South America andAfrica), with source rocks from the Aptian, Al-bian and Turonian epoch, reservoirs from theUpper Cretaceous and Tertiary era with clastic

rocks and Jurassic carbonates, and seals fromthe Upper Cretaceous and Tertiary shales or al-lochthonous salt (which means the salt origi-nated some distance from its current position).

There is a pre-salt sequence with source rocksof Triassic lacustrine, reservoirs in Triassic syn-rift clastic rocks or Jurassic early postriftlimestones; and seals of interbedded shales orsalt.

There is a pre-rift Silurian/Devonian level se-quence, proven onshore and probably extendingonshore.

Watch video and slides on www.findingpetroleum.com/video/1342.aspx



Premier Oil

Andrei Belopolsky, Brazil Exploration Managerwith Premier Oil gave a talk on prospective driftand rift plays in the Ceará basin of the BrazilianEquatorial margin.

There has been exploration in the basin, whichis on the South Western part of the equatorialmargin of Brazil, since the early 1970s, withseveral moderate size fields such as Xaréu,Curimã, Atum, and Espada Fields, with ulti-mately recoverable reserves of around 200mbarrels of oil equivalent.

Deepwater exploration has been sparse withonly 5 wells in water >1000m drilled to date.This has de-risked the working petroleum system.A significant part of the deepwater acreage waslicensed to operators in the 11th bid round in2013.

Premier Oil, together with partner CEPSA havewon two exploration licences in the 11th bidround and are now the dominant acreage hold-ers in Ceará basin.

A multi-client 3D survey using broadband tech-nology is planned for 2015 which is expected toresult in a superior seismic image in time for im-pacting the exploration drilling programme in2017.

(Video and slides not released to internet)

Getech

Matthew Gelsthorpe, Geoscientist with Getechgave a talk on prospectivity of the Offshore Ca-nary Islands.

Getech has identified a working petroleum sys-tem that can extend as far down as the Jurassiccarbonate play.

Watch the talk on video at www.findingpetroleum.com/video/1110.aspx

Neftex

Sarah Laird, Regional Geoscientist with Neftex,presented a talk "Expanding Exploration Hori-zons: The Analysis of Play Ideas in the NorthAtlantic"

(Video and slides not released to internet)

Attendees list 'Finding Oil in Atlantic Basins' at The Geological Society in London, Wednesday, May 27, 2015



Allan Induni, Geoscientist,Christian Bukovics, Partner, Adamant VenturesPaul Murphy, Key Account Manager, Oil andGas Division, Airbus Defence and SpaceGerry Farrow, Vice President, Aker SolutionsChris Beech, Business Development Manager -Capital Projects, Amec Foster WheelerAmelia de Coster, Bus develop, Amplified Geochemical ImagingBen Pleasant, Graduate Trainee in Sales and New Ventures, ARKeXAnne-Marie Liszczyk, Geophysicist, ARKeX LimitedHugh Ebbutt, Associate Director, AT KearneyDavid Craik, Consultant, AtlaslocalPatrick Bailey, Portfolio Development Director, Azimuth Management LimitedEdith M G Fugelli, Advisor, BPBryn Austin, Director & Geological/Geophysical Consultant, Brynterpretation LtdRobert FE Jones, Regional Exploration Manager, Cairn Energy plcJodie Hunt, Marketing Geologist, CGGRoger Doery, ConsultantPeter Farrington, Consultant GeophysicistCorneliu Cosovanu, Geologist, CoreLab Integrated Reservoir Solutions-UKDan Kunkle, Director, Count GeophysicsDavid Boote, DBconsulting LtdStephen Norman,Business Development Manager, DNV GLBen James, Sales Coordinator, Dolphin Geophysical Ltd.Simon Casey, Marine Sales Manager, Dolphin Geophysical Ltd.Brian Donnelly, Consultant GeophysicistMartine Davis, EMEA Sales Manager,DrillingInfoTimothy Culwick, Solutions Architect, DrillinginfoChristopher Walker, Chief Geophysicist, FairfieldNodalSalar Golestanian, Managing Director, Finity AssetJim House, Director, GeoSeis LtdAlexandra Kenna, Managing Director,GEOSERVE LIMITEDStephen Shorey, Geotrace Data Integration Services LtdLaurence Pearce, Business Development Manager, Geotrace Technologies Ltd

Phil Beale, Regional Manager - Reservoir Services, E. Hemisphere, Geotrace Technologies LtdDirk Cuthbertson, Marketing Manager, GetechMichael Golden, Consulting Petroleum Geolo-gist / Russian Translator, Golden&AssociatesSomar Abdullatif, Senior Exploration Geoscientist, Gulfsands PetroleumChris Gravestock, HalliburtonSarah Laird, Halliburton NeftexBill Green, Account Director,Hermes DatacommsKevin Phillips, Basin Research Geologist, IHSWilliam Slade, Ikon ScienceRhydian Williams, BD Manager EAME, Ikon ScienceRonald Doherty, Manager Field Developments, IntecseaRavi Chandran, Director, Kalki Consultants LimitedElizabeth Patock, Senior Account Manager,LandmarkRichard Handley, Account Manager, LandmarkJoanne Cranswick, Team Leader - Exploration (UK), LR SenergyAmrit Brar, Marketing and Sales Representative, Lynx Information SystemsDuncan Macgregor, Consultant Geologist, MacGeologyMatthew Gelsthorpe, Geoscientist,Robin French, Senior Advisor, Mitsubishi CorporationLaura Pingree, Directo, Moore StephensMichael Dyson, Manager, NavigantDaniel Slidel, West Eurasia Geoscientist, NeftexEvi Otobo, Senior Geoscientist, Newcross Petroleum LimitedRamesh Shukla, Shareholder of explorationcompaniesHelen Turnell, Principal Consultant,NR Global Consulting LtdTom Palmer, Palantir SolutionsRobert Parker, Consultant, ParkerYasmin D'Este, Business Development Director, Petroleum Geo ServicesJohn Clure, Managing Director, Phoenix Hydrocarbon Resources LtdKevin Sylvester, Director, Pinnacle Energy LimitedAndrei Belopolsky, Exploration Manager New Ventures, Premier OilMike Hohbein, Geological Advisor, Premier Oil

Andrew Lodge, Exploration Director, Premier Oil plcJosh King, Analyst, RAB CapitalMike Rego, Managing Director, Rego Exploration (Oil & Gas Consultancy Services)John Siegfried, Director, Resource Exploration Services LtdStuart Amor, Analyst, RFC AmbrianAlex Fowler, Marketing Geologist, RobertsonRichard Windmill, RobertsonJudit Meszaros, Geoscientist, Rockhopper Exploration PLCKevin Dale, Exploration Advisor : New Ventures, Sasol E & P InternationalTerry Devine, Asset Development Manager,SchlumbergerNahed Kahloul, Account Manager, Schlum-bergerTom Martin, Director, Shikra ConsultingPeter Smith, Business Consultant, Smith JointVenturesDavid Mirzai, Analyst, Societe GeneraleGlyn Roberts, Director, Spec Partners LtdNeil Hodgson, New Ventures Manager, SpectrumHannah Kearns, Geoscientist, SpectrumStacey Quarles, Strategic FitBen Sayers, Project Developer, TGSRobert Wall, Director of Finance and Commercial Operations, TGSSean Akinwale, Business Development Manager, TGS Geophysical CompanyJohn Bridgeman, Research Analyst, The EICFiona King, Analyst, The EICNigel Quinton, Head of Exploration, Tower Resources plcJerry Jarvis, Exploration Manager, Tullow OilBenjamin Panting, Research Project Geologist,University of BrightonSteve Bottomley, Director, Upstream Consultants LimitedAlec Robinson, President & CEO, Valient EnergyHelen Ricketts, Business Development Manager, Wood Group KennyChris Gumm, Business Development Manager- Automation Business Unit, Wood Group MustangAndrew Gilmore, Business Development Manager, Wood Group Mustang



What did you enjoy most about the event?

“ “ “Good variety of top-ics covered withinthe conference title.Some excellentslides and goodquestions raised aswell.Kevin Sylvester (Pinnacle Energy)

A couple of verylively and entertain-ing talks, plus othertalks that were in-formative and wellconstructed.Stephen Shorey, Geotrace

Venue, PresentationsAND the smooth run-nings for ample Net-working andLearningBryn Austin - Brynterpretation Ltd.

“New concepts in exploration and thespirit of the moderator. Very inspiring.Evi Otobo

”” ” ”“ “The friendly envi-ronment, quality ofpresentations andhigh skilled / experienced peopleattendingCorneliu Cosovanu-Core Laboratories

Neil Hodgson's paper. We need original thinkingin the industry and its very hard to do that whenup against all the constraints of a job in an oilcompany. My only opportunities to really thinkwere on long-haul flights, which is not an ideal situation.

“"Useful opportunity tokeep up-to-date onthis topic; breadth of "experience " and"fresh" attitudesamongst the speakers;Met some new contacts;

” ” ”“Catch up with colleagues.

”“ Networking opportunity, and

briefing on contemporary indus-try views on Atlantic basins.Mike Rego, Rego Exploration Limited

”“ It gave me an over all

idea of the industrythinking in the currenteconomic environment.Kevi Phillips IHS

”

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