GEAD

Hydrocarbons were discovered at Golden Eagle in 2007, followed by discoveries at Pink (2008) and at Hobby (2009). The three discoveries are collectively known as the Golden Eagle Area Development ("GEAD"). GEAD is the biggest North Sea development since Buzzard. The GEAD assets were extensively appraised in 2009 including nine appraisal wells, two drill-stem tests and one injection well.

The Golden Eagle/Hobby/Pink area oil development was approved for development by DECC in late 2011 and will target 146 million barrels reserves and base case peak production of 60,000 bopd. The project is executed on a stand-alone dry tree development plan, with two subsea clusters.

ONE's acreage in the Greater Buzzard/Golden Eagle Area provides exposure to a significant portfolio of prospects and leads. Targets are largely stratigraphic in nature with most having a smaller element of independent dip-closure.