Ansila Energy begins phase 1 operational workstreams following Hartshead acquisition

Ansila Energy NL (ASX:ANA) (OTCMKTS:PGNYF) (FRA:P6V) has started implementing several workstreams following the completion of its acquisition of the remaining 78.4% interest in Hartshead Resources Limited (HRL) that it doesn’t already own – solidifying its position as a new UK North Sea gas developer.

The company is focused on delivering the Phase I assets preliminary field development plan (FDP) and progressing subsurface analysis of the Phase II assets.

These Phase I and Phase II assets form part of a multi-phased portfolio of gas discoveries that are being progressed towards development and consist of the following fields and an associated 354 billion cubic feet of 2C contingent resources:

• Phase I: Victoria and Viking Wx fields with 217 billion cubic feet of audited 2C Contingent Resources; and
• Phase II: Audrey NW and Tethys North fields with 139 billion cubic feet of 2C Contingent Resources.

In addition, the Phase III exploration portfolio includes 141 billion cubic feet of 2U prospective resources in two drill-ready exploration prospects (Vixen SW and Vixen SE).

Key contracts to be awarded

In the near-term the company expects to have progressed the award of key contracts to oil and gas service companies for field development planning on the Phase I development including:

• Subsurface analysis leading to a history matched reservoir simulation model, final development well placement and production forecasts based on historical production from the fields;
• Well design;
• Frac modelling and design;
• Process and facilities engineering;
• Environmental assessment;
• Economic analysis; and
• Development concept screening and selection.

Near-term workstreams

The company also intends to progress the following workstreams in the near-term:

• Finalisation of preliminary field development project plan and schedule;
• Initial discussions with third party infrastructure owners for gas transportation;
• Recovery of existing 3D seismic data on the Phase II development area;
• Development of safety and environmental management systems; and
• Implementation of new financial, procurement and contract procedures.

Story by ProactiveInvestors