Tangram Energy

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Energy Rediscovered

Assets

North Sea Oil & Gas Assets

Tangram has acquired a number of licences in the UK’s 32nd Offshore Licensing Round. The company is presently working on 4 assets and has built a dedicated team with access to a pool of expert advice to further each of these projects according to the terms agreed with the North Sea Transition Authority.

1

Thunderball P2517

Thunderball P2517

Thunderball is located in the Moray Firth Area in the Upper Jurassic Burns Sandstone. It was first discovered in 1997 with the 14/26b-05 well.
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4

Eldon P2585

Eldon P2585

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
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2

Cirrus P2512

Cirrus P2512

The P2512 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
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3

Charlie-Mimas P2584

Charlie-Mimas P2584

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing
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1

Thunderball P2517

Thunderball P2517

Thunderball is located in the Moray Firth Area in the Upper Jurassic Burns Sandstone. It was first discovered in 1997 with the 14/26b-05 well.
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2

Cirrus P2512

Cirrus P2512

The P2512 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
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3

Charlie-Mimas P2584

Charlie-Mimas P2584

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing
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4

Eldon P2585

Eldon P2585

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
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Strategy

Focus
Identify and license low-risk, previously relinquished undeveloped discoveries. For instance, the decision makers at that time did not have the benefit of additional local infrastructure or pipeline ullage that has been added since. We then deploy new, reprocessed, and higher resolution data that is now available to reaffirm the economic viability of the discovery, and eventually synthesise a development plan using innovative techniques and software tools. Aim to acquire mature production assets that are closer to the beginning of their decommissioning phase where we can leverage other assets in the region to extend its life and capitalise on our ability to structure the financing of the decommissioning liability in a unique and cost effective manner. Through joint ventures and partnerships, it is our goal to create alignment of interest in the region to extend the life of the local infrastructure thereby enhancing the viability of several other blocks in the region that may not be otherwise economical to develop.
Access to Capital
Tangram is fully capitalised through shareholder funds and has access to highly sophisticated market participants that are able to tap into their vast network of investors and financiers. The Management team is able to deliver efficient corporate capital structure to obtain optimum risk reward for the shareholders.
Collaboration with JV Partners
Tangram Energy is eager to partner with like-minded, well-funded partners that echo the philosophy of the management team and are committed to generating significant shareholder value through innovation, technology and creative approaches.
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Company

Tangram Energy is a fast emerging player in the UK North Sea that focuses on developing mature fields and undeveloped discoveries

Overview

In recent years, various macro-economic factors have transformed the competitive landscape in the UK Oil & Gas industry and Tangram believes that a remarkably differentiated strategy is required to be a successful energy company. Tangram aims to utilise technology and innovative approaches to maximize hydrocarbon recoveries in fields that have previously been overlooked or under-invested in. In addition, Tangram is evaluating acquisition targets for production assets that provide synergy and support to its strategy in the North Sea.

Value Creation

Tangram participated in 32nd UKCS licensing rounds and was awarded several licenses 2017-18 that contain undeveloped discoveries. Team Tangram re-analyses these blocks through new sets of available data, software tools and overlays its perspective to create a viable development plan generating significant economic value. Work program carried out by the team on its awarded licenses has resulted in a significant uplift in the economic viability of the license blocks and Tangram is highly confident in its ability to take them to the next stage of the development plan.

Philosophy

The re-use and life-extension of existing infrastructure, and effective utilization of previous economic and environmental consumption is a better sustainable approach to oil and gas exploration and production than the imposition of new greenfield burdens. It not only makes good economic sense but is also kinder to the environment. Tangram therefore drives a culture of innovation, effectiveness and conscientious behaviour to effect its philosophy. Decisions are made through a collective process which overlays existing data, infrastructure and other assets that are looked through a new lens and refined by further technical analysis to deliver the broader corporate strategy.

Eldon P2585

NSTA-Licensed Block – 48/13c

Contingent Resources (BCF)1C2C3C
Eldon West190271360
Prospective Resources (BCF)1U2U3U
Eldon South133189252
Eldon South-Was149212284

License                                                                  TANGRAM ENERGY LTD
Licence Number                                                   P2585
Tangram Energy Ltd                                            100% Equity
License Round                                                      32 Round
Quadrant Number                                                 48
Block Number                                                       13
Block Reference                                                   48/13C
Calculated (actual) square kilometres             122.95
Location                                                                 Offshore 

 

  • The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
  • Wells 48/13b-3 and 28/13b-8 seeing up to 4% gas peaks in the Leman Sandstone
  • Compartmentalization observed in the Eldon region due to identification of several De Keysers which could lead to multiple prospects
  • 3D seismic data re-processing & interpretation completed
  • Significant potential in the Eldon discovery, GIIP more than 250 Bcf
  • Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper South infrastructure
  • Farm out Tangram’s interest to drill a commitment well in 2024-2026

Cirrus P2512

OGA-Licensed Block - 9/27b

License                                                                 TANGRAM ENERGY LTD
Licence Number                                                 P2512
Tangram Energy Ltd                                          100% Equity
License Round                                                    32 Round
Quadrant Number                                              9
Block Number                                                    27
Block Reference                                                9/27B
Calculated (actual) square kilometres          106.46
Location                                                             Offshore

Charlie-Mimas P2584

NSTA-Licensed Block – 48/9

Contingent Resources (BCF)1C2C3C
Mimas Area2869126
Prospective Resources (BCF)1U2U3U
Mimas Area144238368
Charlie Area150243367
Alpha Area4647291341

License                                                                TANGRAM ENERGY LTD
Licence Number                                                 P2584
Tangram Energy Ltd                                          100% Equity
License Round                                                    32 Round
Quadrant Number                                              48
Block Number                                                     9
Block Reference                                                 48/9
Calculated (actual) square kilometres           244.76
Location                                                              Offshore

 

  • The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing
  • Significant potential in the multiple prospects, GIIP more than 1 Tcf
  • Unproduced Mimas volumes remaining
  • 3D seismic data re-processing & interpretation completed
  • Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper infrastructure
  • Farm out Tangram’s interest to drill a commitment well in 2024-2026.