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Strong prospects for upcoming UK round

Offshore

Offshore staff

ABERDEEN, UK -- Up to 36 undeveloped discoveries could be on offer under Britain's imminent 25th licensing round, according to analysts Hannon Westwood.

The finds are scattered around unlicensed blocks which Hannon Westwood expect to be made available. It estimates their combined un-risked reserves at 389 MMbbl of oil and 1.55 tcf of gas.

The analysts have also identified 275 prospects in the unlicensed acreage, with combined un-risked potential of 11.8 Bbbl and 28.6 tcf.

According to executive director Chris Bulley: "As a result of the series of licensing rounds over the past four years, the number of companies holding UKCS acreage has more than doubled to over 170…

"In addition, the last 12 months on the UKCS have showed the highest level of E&A drilling for 10 years, with over 65 vertical well spuds in 2007."

01/11/2008