The P2589 licence was awarded to IOG as operator (50% interest) in September 2020 in the 32nd Licensing Round in partnership with CalEnergy Resources (UK) Limited (CER). These assets are directly adjacent to IOG's existing portfolio. Panther lies c.5km from the IOG-CER JV's Elland field and c.10km north of the Southwark field, while Grafton lies c.16km northeast of Southwark. The licence work programme included reservoir studies and 79km² of 3D seismic reprocessing to PSDM.

Please see page 10 of the Annual Report 2022 for a statement of reserves & resources.