UKCS E&A Drilling – 2005-6 Results Achieved and Future Activity Levels

I001 UKCS E&A Drilling – 2005-6 Results Achieved and Future Activity Levels A. Vinall* (Hannon Westwood LLP) C. Bulley (Hannon Westwood LLP) & J. Hannon (Hannon Westwood LLP) SUMMARY EAGE 69 th Conference & Exhibition — London UK 11 - 14 June 2007 Introduction During the late 1990’s and early 2000’s the industry perception was that the UKCS was a mature hydrocarbon province with little remaining scope for finding new oil. With very few exceptions both existing licensees and new entrants to the UKCS were focused on extracting more oil from existing fields and appraisal activity targeted at near-field incremental