A Promote License affords the opportunity to analyze and assess the licensed acreage for an initial two-year period without the stringent financial requirements of the more traditional Exploration License. This two-year licensing period also provides sufficient time to promote the actual drilling of a well to potential third party investors.
The original plan, as approved by the UK Department of Trade & Industry, requires the reprocessing of existing seismic data and the submittal of a drilling plan within two years from the effective date (October 1, 2003). The Company and its partners expect to confirm the existence of an exploration prospect that will be promoted to other investors prior to drilling.
The Block is located approximately 200 miles east of Aberdeen, Scotland not far from the Forties and Buchan Fields.
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