Interests to be acquired by Oilexco North Sea are: 9.714% in Production License 201, as it relates to the Balmoral Field, the Glamis Field, and the Second Residual Area within block 16/21a; 7.994% in the Unitization and Unit Operating Agreement relating to the Balmoral Field; and 7.910% in the Balmoral Floating Production Vessel (a production facility). Oil production relating to the interests to be acquired by Oilexco amounts to 245 bbl/d.
The interests to be acquired by Oilexco North Sea are strategic to Oilexco's UK North Sea business plan. The Balmoral Floating Production Vessel is located 8 kilometers northeast of Oilexco's "Brenda" oil find located in the adjoining Block, 15/25b. Oilexco views a subsea "tie back" to Balmoral as a logical option for early production of a portion of the "Brenda" oil accumulation, as there is in excess of 50,000 bbl/d of unutilized oil treating capacity on the Balmoral production facility. In addition, the Balmoral Floating Production Vessel carries significant residual value as it can be remobilized to other locations upon decommissioning of the Balmoral producing field.
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