Under the terms of the Agreement, Noble will earn a 30% working interest in UK Offshore Licence P1093, comprising blocks 16/11 and 16/16, by undertaking, at Noble's sole cost, the reprocessing of existing 2D and 3D seismic data and the License and the interpretation of the resultant data set. Stratic will transfer Operatorship to Noble upon approval by the UK licensing authorities and will retain a 70% working interest. Noble will have the option to earn further interests in the License through a carry of Stratic's interest in either the acquisition of new 3D seismic or the drilling of an exploration well.
Blocks 16/11 and 16/16 are located in the Central North Sea and form a contiguous area of 440 sq. km. The blocks are adjacent to some of the main producing fields in the South Viking Graben in water depths ranging from 110 - 140 meters. Production from adjacent blocks is from a variety of formations within the Devonian, Upper Jurassic, Paleocene and Eocene geologic intervals.
License P1093 was awarded to Stratic in 2003 in the 21st UK Seaward Licensing Round. The two contiguous blocks were awarded under a new "Promote License" initiative offered to re-invigorate exploration activity on the UK Continental Shelf with a new tier of exploration-oriented, technically strong independent companies.
Tom MacKay, Stratic's General Manager, commented, "Stratic is delighted to welcome Noble as a partner and to be associated with such a significant player in the international exploration industry. Noble's expertise will add significantly to our understanding of the prospectivity of the two blocks and we look forward to establishing a lasting working relationship with our new partner".
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