EOG sells Irish Sea Interest
Edinburgh Oil & Gas plc ('EOG') has reached agreement to sell the company's 13.2 percent interest in UK Offshore License P543 to First Oil Expro Limited for a cash consideration of £1.5 million. The sale is subject to the consent of the Secretary of State for Trade and Industry and approval of the license partners. EOG was assisted in this sale by Hannon Westwood Associates.
The license covers block 110/3c located in the Irish Sea and contains the 'Bains' gas field which is operated by Centrica hydrocarbon Resources Limited. The Bains field is due to be developed in 2002.
The company has sold its interest to focus its UK offshore activities on licenses that are at the exploration and appraisal stage of activity, such as licenses P928 and P986 which cover North Sea blocks 19/5, 19/10, 20/1 and 20/6.
The latter block contains the PanCanadian Energy (U.K.) Limited operated Buzzard oil discovery which currently has two drilling rigs engaged in appraisal drilling.