Shell Offers U.K. North Sea Farm-In

Shell U.K. Limited is offering interested parties the opportunity to acquire an interest in UK Licence P1192 containing the North Uist Oil Prospect. Offers are sought for a cost carry of a well to be drilled on the North Uist Prospect on a promote basis.

This is a unique and economically attractive opportunity to obtain potentially significant oil volumes at the exploration stage. The North Uist prospect is a well-defined fault bounded structure with a maximum areal closure of 30km2, 1,000m of vertical relief, and an average total objective thickness of c. 600m.

North Uist has the potential to be an economically attractive opportunity with maximum deterministic recoverable volume of 1,100 mmbbl. Upside is provided by the Flagship Gas Prospect with 0.9 tcf maximum deterministic recoverable volume. Both prospects can be tested with one well. An active charge system is demonstrated by the nearby Eriboll Well (15km) that encountered 600m oil shows, while the material Laggan Gas Discovery is just 45km away.