Island Completes Acquisition of Stake in Schull Field

Schull Field
(Click to Enlarge)
Island Oil & Gas has completed its previously announced acquisition of an additional 20% stake in the Schull gas field located in the Celtic Sea. Island now has a shareholding of 62.5% in Schull, prior to any decision by EnCore Oil to exercise its option to acquire a further 7.5%, under farmout and option agreements concluded between Island and EnCore in April 2007.

Under the terms of the agreement, Island will acquire a 20% interest (6.667% from Bexley Investments Limited, 6.667% from Carob Limited and 6.666% from Celtex Exploration Services Limited).

Separately, Valhalla Oil and Gas Limited will acquire a 25% interest in the Schull gas field from minority partners (8.33% from Bexley Investments Limited, 8.33% from Carob Limited and 8.34% from Celtex Exploration Services Limited). Valhalla will immediately participate pro-rata in the Island-operated appraisal well, 57/2-3, on the Schull gas field this summer.

The agreements are subject to approval from the Irish Minister for Communications, Marine and Natural Resources.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours