InfraStrata will operate with a 50% interest. The partners intend to take the block under the terms of a promote exploration license, which calls for a drill-or-drop decision within the first two years.
The block contains the undeveloped Oulton oil accumulation, discovered by Amoco more than four decades ago. On test the structure flowed more than 1,000 b/d of 41° API oil from Jurassic Emerald sandstones.
InfraStrata believes around 16 MMbbl could be recoverable. It claims that use of modern offshore technologies combined with access to nearby infrastructure should enable Oulton to be developed in the near future.