Fairfield Energy Ltd. has announced that its subsidiary, Fairfield Cedrus Limited has signed a farm-in Agreement with Canadian North Sea Energy Limited (CNS).
CNS will farm in to Fairfield's operated Maureen Core Area and take interests in the following licences which cover six UK Continental Shelf blocks:
CNS will pay a promoted share of a Maureen Field appraisal well in the Paleocene reservoir to acquire a 30% non-operated interest in the licences. Fairfield plan to drill the well in early 2009, with a view to supporting a field re-development via existing infrastructure.
The farm-in remains subject to UK Government and other approvals.
Mark McAllister, Fairfield’s Chief Executive, said, “We see considerable scope for a near term re-development in the north east of the abandoned Maureen Field and we are pleased to welcome CNS as our partner in unlocking this potential."
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