North Sea-focused Valiant Petroleum announced Thursday that it is farming out 20-percent of its Handcross project to Germany's RWE Dea.
The Handcross prospect is located west of Shetland on licenses P1631 (Block 204/18b) and P1832 (Blocks 204/14c and 204/19c). It is a large Palaeocene, channelized fan prospect that is close to the Suilven and Tornado discoveries and around 13 miles from BP's Quad 204 redevelopment.
The Handcross exploration well is scheduled to be drilled during the fourth quarter of this year by the Stena Carron drillship.
Following the completion of the transaction the Handcross partners will be: Valiant, as operator with a 70-percent stake; RWE Dea, with 20 percent; and Sussex Energy, with 10 percent.
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