Reach Exploration to License WesternGeco North Sea 3D Data

WesternGeco inked a deal with Reach Exploration to license 3D data over UK Block 13/27a in the North Sea. Reach Exploration Director Miles Newman stated, “We have identified several interesting prospects on 2D data on this block and the WesternGeco 3D survey will allow us to firm them up for testing with the drill bit. No wells have yet been drilled on this block with the benefit of 3D.”

"WesternGeco is pleased to have concluded this agreement with Reach Exploration,” said Rupert Hoare, WesternGeco Aberdeen sales manager. “Our new business models make multiclient data available to Promote companies at low initial rates, and we hope our data will help Reach Exploration successfully attract investment to this acreage." "We are also in discussion with several other Promote companies and we believe that the low initial fees on 3D data will help support the government's aim of stimulating UK exploration," Hoare added.

Reach Exploration was awarded four blocks in the UK 20th Licensing Round. These blocks have now been successfully farmed out to UK exploration and production companies Premier, Intrepid, and First Oil. Reach has retained a carried interest of 5%. Additionally, Reach has been offered Moray Firth Blocks 13/27a and 13/28b in this year's UK 21st Round. These blocks are adjacent to the Ross Field and approximately 40 kilometers northwest of the Buzzard development.