Atlantic lines up North Sea license farm-ins

Offshore staff

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.

The reservoir is Upper Jurassic Buzzard equivalent sandstones. The blocks are east and southeast of Nexen’s producing Ettrick and Blackbird fields, where Atlantic already holds equity.

Nexen plans to drill a further appraisal well in November 2012, after which a decision will be taken on whether to proceed to development.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...