Adriatic Oil Gives Up North Sea License

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.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)
 -  Xodus Wins Apache North Sea Well Contr... (Jan 23)
 -  FAR: SNE 5 Appraisal Well Spuds Offsho... (Jan 23)
 -  Shell to Reshuffle Head of Exploration... (Jan 23)
 -  Scottish Government Reveals New Subsea... (Jan 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours