Oyster, Dyas arrange UK North Sea farm-ins

Offshore staff

DORKING, UKOyster Petroleum has agreed to acquire a 25% interest in a UK central North Sea license, subject to regulatory approvals.

Endeavour Energy UK operates P.1948, covering blocks 29/7c, 12, 13, and 14 in partnership with Faroe Petroleum and First Oil and Gas. The concession includes the Shipley and Forwood prospects.

This would be Oyster’s first license in the UK North Sea. The company has other holdings west of Shetland. It is targeting more farm-ins to the province.

Cairn Energy has agreed to farm out 10% of its stake in the Premier-operated Catcher development and adjacent acreage in the central North Sea to Dyas UK.

The deal, again subject to government ratification, covers licenses P1430, P2040, P2070, P2077, and P2086. Dyas will gain entry by funding Cairn’s exploration and development costs for these licenses up to a cap of $182 million.

Cairn will retain a 20% interest in the Catcher license and expects to reduce its capex to the end of 2017 in the Catcher area by around $380 million.

09/25/2014

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