Junior explorer Adriatic Oil reported Monday that it has decided to relinquish a license covering two blocks on the Inner Moray Firth, UK North Sea.
Adriatic said that it would give up the P1921 license, covering Blocks 12/18 and 12/19c, following an evaluation that included re-processing and reinterpreting existing 3D seismic data. The firm said the evaluation "failed to identify sufficient prospectivity in the primary target interval to warrant entering into the second exploration period, for which there were substantial additional spending commitments".
Adriatic added that its partner, Elixir Petroleum, agreed with its interpretation of the potential for the area and both parties have now proceeded with the relinquishment of the blocks.
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