PL001

Navitas Petroleum Development and Production Ltd (NPDP) has acquired a 65% operated interest in the PL001 Block in the Falklands covering approximately 1126 km2. The PL001 Block is adjacent to the Sea Lion Discovery with prospects within tie back distance.

Forty prospects have been identified to date on the block with prospective resources of over 1.3 Billion barrels of oil certified by 3rd party auditor NSAI from 15 out of the 40 prospects. Many of the prospects extend across the PL001 boundary into PL032 and are of similar seismic character to the discovered fans in Sea Lion.

Navitas are continuing to evaluate the additional prospects and numerous leads with a view to targeting an exploration well in the near term. Multiple stacked fans provide the opportunity for a single exploration well to prove up a significant economic resource.

Development synergies with Sea Lion, will bring economies of scale enabling cost effective monetisation of the basin.