Oyster Petroleum farms into further UK North sea license
Oyster Petroleum farms into further UK North Sea license
DORKING, United Kingdom -- Oyster Petroleum has entered into a farm-in agreement whereby, in exchange for covering certain well costs on drilling.
Oyster Petroleum will acquire a 30% interest in licence P.2132, covering blocks 16/11b and 16/16 in the South Viking Graben of the UK North Sea.
The P.2132 licence is operated by Maersk Oil North Sea UK, with JV partner Centrica Resources, and includes the Red Castle prospect where an exploration well is scheduled for the second half of 2015.
Richard Morgan, CEO of Oyster Petroleum, commented, “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.”
The transaction remains subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.
