TORSHAVN, Faroe Islands – Atlantic Petroleum has agreed to acquire equity in two licenses in the UK North Sea, subject to regulatory consent.
The company plans to take a 20% stake from Summit Petroleum in P1610, block 13/23a and P1766, block 13/22d which contains the Magnolia prospect. In return, Atlantic will carry part of the cost of the initial exploration well, which operator Dana Petroleum is due to spud early next year.
Magnolia is a Lower Cretaceous stratigraphic pinchout play. The licenses are south and southeast of the Chevron-operated Captain heavy oil field in the Moray Firth, and are also close to the Blake and Ross fields.
The other agreement involves taking a 20% stake from operator Nexen Petroleum UK in P1100, blocks 20/4a and 20/9a containing the Polecat oil discovery, in return for carrying a share of the cost of an appraisal well.
Polecat was discovered in 2005 via well 20/4a-8 well and successfully appraised five years later by the 20/4a-9 well.
Nexen plans to drill a further appraisal well in November 2012, after which a decision will be taken on whether to proceed to development.