Blocks 15/23c, 15/24a(part), 15/28a(part) and 15/29e are contiguous blocks located in the Outer Moray Firth area of the North Sea and have been awarded to Stratic in partnership with Nippon Oil Exploration & Production U.K. Limited ("Nippon"), Hunt Petroleum UK Ltd ("Hunt") and Britcana Energy Limited ("Britcana"). Nippon will act as Operator holding a 30% working interest with Stratic and Hunt also holding 30% each. Britcana will hold a 10% interest in the venture.
The blocks, which are located in a highly prolific area to the west of the existing Brenda and Balmoral fields and to the north of the Britannia field, have been awarded with an initial four-year work program comprising two firm and two contingent wells. Multiple prospects and leads have been identified at a number of stratigraphic levels. A Jurassic gas condensate discovery, Bowmore, drilled in 1990, is located on the awarded acreage along with a number of Paleocene prospects and a deep play concept to the north of the existing Britannia field. Together, Stratic and its joint-venture partners believe that they provide a portfolio of attractive exploration and appraisal opportunities.
Commenting on Friday's announcement, Kevin Watts, Stratic's CEO said "we are pleased with the award and the continuing joint-venture relationship with Nippon in the North Sea. We also look forward to working alongside both Hunt and Britcana. The prospectivity of the blocks is exciting and fits with our North Sea strategy of acquiring acreage containing under-appraised discoveries within a proven hydrocarbon system and in close proximity to existing infrastructure."
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