Enovation Resources/Sussex Energy

 Awarded All Licenses Sought in UKCS 25^th Round

 Enovation Resources, an oil & gas exploration, development and production Company, is pleased to announce that its wholly owned subsidiary, Sussex Energy Ltd, was awarded all three exploration licenses that they applied for in the UKCS 25^th Seaward Licensing Round, covering four Blocks.

 The awards include 2 licenses in the West of Shetland and one in the Central North Sea.

 1)                   204/18a:  50% Sussex Energy, 50% Valiant Exploration (Operator)

                       Traditional Licence, 1 firm well commitment

 2)                   206/5b & 207/1b: 50% Sussex Energy, 50% Valiant Exploration (Operator)

                       Traditional Licence, 2D seismic commitment

 3)                   30/18c: 100% Sussex Energy (Operator)

                       Promote Licence

 The selection of these additional licenses is consistent with the company's strategy of developing a number of high quality, material sized prospects within prolific play fairways. Enovation deploys advanced technology in order to reduce risk to commercially acceptable levels as well as enhance prospect potential.

 In preparation for being awarded license 204/18a, the Company undertook significant work, including acquiring a CSEM line to de-risk the prospect. The  partners  have a firm commitment to drill one well on license 204/18a.

 License 206/5b and 207/1b are two adjacent blocks within an existing discovery trend containing entirely new prospects of material size.

 License 30/18c is immediately adjacent to the Company"s existing 30/19b license. The two licenses together encompass a significant chalk prospect.

 Commenting, Diz Mackewn, CEO of Enovation Resources, said:

 "The addition of these licenses to the Company’s existing portfolio creates two focus areas with very significant prospects in the UK Central North Sea and West of Shetland. Our development of these prospects is based on a rigorous workflow along with the application of advanced technologies that have proven to be very effective in reducing drilling risk and maximizing prospect potential.  The Company already enjoys solid revenue streams from its producing assets in the Gulf of Mexico but, given the size of the Company’s prospects in the North Sea, this area now represents the real near to medium term growth potential for the business”. .

 For further information: 

 Editors Notes

 Enovation Resources Limited is a technology focused, independent oil and gas exploration and production company with existing operations and exploration projects in the Gulf of Mexico, the North Sea and in the Asia Pacific region. The head office is located in Hamilton, Bermuda, with regional offices in the UK, US and Singapore.