Shell to Buy into Cambo, Blackrock Assets



Shell to Buy into Cambo, Blackrock Assets
Siccar Point Energy to divest a 30% non-operated working interest in licenses P1028 and P1189 and a 22.5% non-operated interest in license P1830.

Siccar Point Energy has signed an agreement with Shell UK Limited to divest a 30 percent non-operated working interest in licenses P1028 and P1189, including the Cambo discovery, and a 22.5 percent non-operated interest in license P1830, including the Blackrock prospect.

Details of the consideration have not been disclosed but Siccar Point revealed in a company statement that the key elements are ‘a cost carry contribution on both the wells and any subsequently approved development on Cambo’. Completion of the transaction remains subject to customary regulatory and partner consents.

A final appraisal well is planned on the Cambo discovery in the second quarter of 2018 and an exploration well is planned on the Blackrock prospect in 2019.

“We are pleased that Shell has agreed to join us as a partner in this exciting project,” Jonathan Roger, CEO at Siccar Point, said in a company statement.

“Shell brings a wealth of relevant expertise and their interest is testament to the potential of the Greater Cambo Area and the quality of the work carried out by the Siccar Point team,” he added.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.