Northern Scoops Up License Offshore UK
Northern announced that NP Solent Limited, a wholly owned subsidiary, has been awarded part blocks 98/13 and 98/14 in the UK 26th
The new license is located offshore adjacent to Northern's Isle of Wight onshore license, PEDL 240, awarded in May 2008. The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped prior to 2008 using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field
There is no firm drilling commitment attached to the license award.
The licensees in part blocks 98/13 and 98/14 are:
- NP Solent Ltd 62.5% (Operator)
- Magellan Petroleum (UK) Ltd 22.5%
- Encore Oil Plc 7.5%
- Montrose Industries Ltd 5.0%
- Oil & Gas Investments Ltd 2.5%
Derek Musgrove, Managing Director of Northern said, "We are very pleased to have been offered part blocks 98/13 and 98/14. This
allows the Joint Venture to evaluate the oil and gas potential of the mapped well defined prospect that extends from the Isle of Wight into the English Channel. This award is the result of competitive bids under the 26th Licensing Round.
"Northern recognizes that the prospect is in an Area of Outstanding Natural Beauty (AONB) and a Heritage Coast. At Northern we well understand the attendant challenges that are posed in conducting field operations in an environmentally safe and responsible manner. To date, Northern has an exemplary track record for its drilling operations, the most recent of which was Markwells Wood-1, completed in January 2011, which is currently undergoing flow testing operations in West Sussex."
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