Oyster Petroleum to acquire 30% interest in UK North Sea P.2132 licence
Exploration and production firm Oyster Petroleum has agreed to acquire a 30% interest in the P.2132 licence, UK North Sea.
The licence covers blocks 16/11b and 16/16 in the South Viking Graben and includes the Red Castle prospect where an exploration well is expected to be drilled in the second half of 2015.
The transaction, which includes certain well costs on drilling, is subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.
Oyster Petroleum CEO Richard Morgan said: "Following our recent licence awards in the UK 28th Round, this is a further positive step for Oyster Petroleum as we continue to build a high-quality exploration programme.
We are delighted to be working with Maersk Oil and Centrica as Red Castle moves towards drilling next year."
In September, Oyster agreed to acquire a 25% interest in licence P.1948 in the UK Central North Sea.
Endeavour Energy UK operates the P.1948 licence with joint venture partners Faroe Petroleum (UK) and First Oil and Gas.
Oyster is focused on making new discoveries in new and significant oil plays in the UK North Sea.
The company, which has secured funding to undertake a focused exploration programme, is currently working to build a UK production base.
- Offshore Technology
- Published on:
- November 21, 2014
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