Fairfield Energy has entered into a Sale and Purchase Agreement to acquire UK North Sea interests License P.184, Block 211/27a & License P474, Block 211/27c following recent marketing by the current owners Amoco (U.K.)Exploration Company, Amoco U.K. Petroleum Limited, Cieco Exploration and Production (UK) Limited, Enterprise Oil U.K. Limited and Mobil North Sea LLC.
The transaction is subject to UK government approvals.
The interests contain the former North West Hutton field which in 2003 ceased production. Through the application of the latest technology, combined with a detailed understanding of the subsurface, Fairfield plans to redevelop the area and access potentially significant remaining proven oil volumes. Decommissioning of the existing North West Hutton field facilities has commenced and will be completed by the current owners.
Mark McAllister, Fairfield's CEO, said Fairfield was delighted to be acquiring such a large resource: "Fairfield has spent the last 2 years conducting a rigorous assessment of this area. 100% ownership of Blocks 211/27a and 211/27c together with adjacent Block 211/27e (recently awarded to Fairfield in the 25th Licensing Round), will allow us to embark upon a significant development to unlock the proven potential. We have plans in place to appraise and, after the existing Northwest Hutton field facilities have been fully decommissioned by the current owners, move forward with a major subsea development tied back to our operated Dunlin platform."
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