7th Nov 2014 08:46
LONDON (Alliance News) - Faroe Petroleum PLC, Enegi Oil PLC and Wessex Exploration PLC all said on Friday they were awarded new exploration licences in the UK in the 28th Offshore Licensing Round.
Faroe has been awarded exploration licences in the Fynn and Perth Field prospects.
At Fynn, it has been awarded a licence for Blocks 15/11 and 15/16d. It has a 25% interest in the consortium which will hold the licence, which also includes Parkmead E&P Ltd, Verus Petroleum SNS Ltd and CalEnergy Gas Ltd. All partners in the venture have a 25% stake.
For the Perth Field extension, Faroe has been awarded an licence for Block 14/25. It has a 34.6% stake in the venture behind the licence, with DEO Petroleum UK Ltd Holding a 52% stake and Atlantic Petroleum UK Ltd with a 13.4% stake.
"I am pleased to report these new licence awards within the Central North Sea area of the UK. Securing these two promising licences further extends our acreage position around the strategically important Perth/Dolphin/Lowlander development opportunity, in which Faroe holds a majority stake, and further diversifies our extensive exploration portfolio," said Faroe Chief Executive Graham Stewart.
Enegi Oil has been awarded an exploration licence for Block 21/28b in the Fyne prospect in the North Sea, covering the Crinan and Dandy discoveries. Enegi will have a 50% stake in the licence, alongside equal partner Antrim Energy (UK) Ltd.
"This licence was identified and applied for specifically for the discoveries that it contains, their close proximity to our existing Fyne Project and the potential for them to be developed using our buoyant technologies," said Enegi Chief Executive Officer Alan Minty.
Wessex has won a licence for blocks 98/7b, 98/8a and 98/12, all of which are based east of the Wytch Farm oil field in Bournemouth Bay, offshore southern England.
Wessex Hydrocarbons will be administrator for the licence, with a 35% working interest. Its partner, NWE Mirrabooka (UK) Pty Ltd, a subsidiary of Australian group Norwest Energy NL, will have a 65% interest.
Wessex shares jumped on the news, rising 19% to 0.625 pence. Faroe shares were up 0.3% to 90.25 pence, while Enegi shares fell on the news, down 2.6% to 2.80 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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