North Sea-focused Valiant Petroleum announced Friday that it has signed a farm-out deal with Maersk Oil North Sea UK that will see Valiant’s stake in the Isabella prospect reduce from 50 percent to 20 percent.
The Isabella prospect, which sits in the UK zone of the central North Sea in blocks 30/6b, 30/11a and 30/12d on production license 1820, is a gas condensate prospect. According to Valiant, the prospect is located on one of the largest undrilled fault blocks in the area and has prospectivity across a number of geological horizons.
Following the completion of the transaction the P1820 partners will be operator Apache North Sea (with a 50-percent stake), Valiant and Maersk Oil North Sea, which will have a 30-percent stake.
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