Antrim Acquires Stake in UK North Sea Fallow Licenses
Antrim Energy
Antrim Energy has entered into a Sale and Purchase Agreement to purchase an 18.4% working interest in the UK North Sea License P.201 (Block 211/22a, "Osprey Ridge") from ConocoPhillips (U.K.) Theta Limited. Closing of the purchase is expected to occur prior to the end of July 2004. Other current participants in the License are ENI UKCS Limited (24%-Operator), CNR International (UK) Limited (18.4%) and Marabeni Oil and Gas (UK) Ltd. (39.2%).
The Osprey Ridge License is situated in the East Shetland Basin of the North Sea. The area defined by Block 211/22a has been designated fallow under the UK's PILOT initiatives to encourage new entrants and activities in the North Sea. The block is situated between the producing Cormorant and Dunlin oilfields, which to date have produced over 400 and 380 million barrels of oil respectively. Two discovery wells have been drilled on the acreage, the most significant of which is 211/21a-3, which tested oil at 5,512 bopd from a Jurassic reservoir in 1984. In 1976, the other discovery well (211/21a-1) tested oil at a rate of 1,280 bopd.
Antrim intends to evaluate potential targets in the prolific sandstones of the Jurassic Brent Group, including the trends defined by the two discovery wells, with a view to drilling at least one appraisal well in 2005.
Commenting on the acquisition, Stephen Greer (CEO) said, "This is an important step forward for Antrim in a very competitive market and underlines our strategy of growth in the U.K. North Sea. Together with our current holdings in the Southern Gas Basin, we are building a substantial and very exciting portfolio of drilling opportunities in the U.K."
The Osprey Ridge License is situated in the East Shetland Basin of the North Sea. The area defined by Block 211/22a has been designated fallow under the UK's PILOT initiatives to encourage new entrants and activities in the North Sea. The block is situated between the producing Cormorant and Dunlin oilfields, which to date have produced over 400 and 380 million barrels of oil respectively. Two discovery wells have been drilled on the acreage, the most significant of which is 211/21a-3, which tested oil at 5,512 bopd from a Jurassic reservoir in 1984. In 1976, the other discovery well (211/21a-1) tested oil at a rate of 1,280 bopd.
Antrim intends to evaluate potential targets in the prolific sandstones of the Jurassic Brent Group, including the trends defined by the two discovery wells, with a view to drilling at least one appraisal well in 2005.
Commenting on the acquisition, Stephen Greer (CEO) said, "This is an important step forward for Antrim in a very competitive market and underlines our strategy of growth in the U.K. North Sea. Together with our current holdings in the Southern Gas Basin, we are building a substantial and very exciting portfolio of drilling opportunities in the U.K."
Most Popular Articles
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension