The Mordred Field
The Mordred Field (RockRose – 8.33%), located approximately two kilometres to the southwest of the Galahad Field, has been developed via extended reach drilling from the Galahad platform.
The Mordred Field was discovered in 1989. Originally named Galahad South, the Mordred Field was appraised in 1996, and came into commercial production in late in the same year. The Mordred Field subsequently received development approval in May 1997 and the first commercial production began in the same month.
The Group holds an 8.33% non-operated minority interest in the Mordred Field. Production from the Galahad Field is currently also not meaningful in amount, however, as with the Galahad Field interest, the Directors believe that the potential may exist, with new operator led initiatives, to increase economic viability and delay decommissioning. However as no formal plans for any such activity are currently under consideration, and given current market prices for oil and gas, there can be no certainty that economically viable plans could be produced or that such plans (and the associated expenditure) would be approved by the participants.