29th Mar 2007 07:04
Wham Energy plc29 March 2007 WHAM ENERGY ANNOUNCES NORTH SEA FARM OUT AGREEMENT WITH TULLOW OIL AND DANA PETROLEUM WHAM Energy plc, ("WHAM") the AIM-listed North Sea oil and gas explorationcompany, together with its partner Ithaca Energy (UK) are pleased to announcethat Tullow Oil Plc ("Tullow") and Dana Petroleum PLC ("Dana") have agreedfarm-in terms (subject to DTI consent) to progress exploration of their SouthernNorth Sea blocks 48/3a & 48/4 containing the Morpheus gas prospect and otherleads. Under the agreement, Tullow and Dana will each contribute 33.33% of the cost ofdrilling and testing the next exploration well on the licence and will reimburseIthaca and WHAM for the same share of costs of a recently acquired 3D survey onthe licence. Ithaca and Wham will contribute 25.33% and 8%, respectively, to thecosts of the well. Tullow and Dana will each earn a 25% working interest in thelicence, with Ithaca retaining 34% and WHAM 16%. The timing and precise locationof the well is yet to be decided by the Group. WHAM Energy's CEO, Tom Windle, commented " We are delighted that two well established UK independents have joined with usto evaluate a very prospective licence in the UK's prolific Southern gas Basin.We look forward to progressing with our strategy of exploring these excitingprospects." -ends- Date: 29 March 2007For further information contact: WHAM Energy plc cityPROFILETom Windle, Chief Executive Simon CourtenayAlan Thomas, Finance Director Tel: 020-7448-3244Tel: 020-7924-4644 WHAM Energy plc is an AIM listed company. Further details are available on theCompany's website: www.whamenergy.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tullow Oil