Premier Oil Exploration Limited and Reach have been jointly awarded two blocks. Premier will operate these Traditional Licenses with 87.5% interest and Reach will hold 12.5% equity. Block 21/7b lies adjacent to Reach's current acreage License P1048 in the Outer Moray Firth. Block 23/22b lies immediately east of the producing Lomond gas field and contains an undeveloped oil discovery. The Joint Venture will reprocess the existing seismic data over these two blocks to evaluate the hydrocarbon potential of this area.
Isabel Davies, Reach's Managing Director, said "These blocks have added some exciting prospects and leads to our portfolio. We will drill an exploration well on Block 31/26b and are hopeful that, following our seismic reprocessing projects, we will be able to add further wells to a drilling programme for 2005-2006."
Most Popular Articles
From the Career Center
Jobs that may interest you