Monarch Energy to Participate in Drilling in UKCS to Test Maria Prospect
Monoil (UK) Limited, a wholly owned UK subsidiary of Monarch Energy Limited, will participate in the drilling of a well in UKCS License P233, Block 15/18a to test the 'Maria' prospect. The well, to be operated by Petro-Canada UK Limited, will be drilled with the Global SantaFe Arctic III semi-submersible rig with operations due to commence in early February 2008.
Monoil will pay 11.11% of the cost to drill and, if required, conduct DST operations to earn an 8.33% interest in License P233, Block 15/18a. The Company has identified three additional prospects / leads in the block that require new 3D seismic to mature to a drill ready status.