Offshore staff
LONDON — License P2478 offshore the UK will be surrendered to the UK North Sea Transition Authority (NSTA) on March 31, following unavoidable and significant delays to the acquisition of 3D seismic data, as had been stipulated in the deed of variation concerning the extension to Phase A of the license, Baron Oil reported.
Baron Oil holds a 32% interest in P2478, and Reabold Resources is the license administrator.
Baron says the delays largely result from the continuous wind farm construction activities in the area.
Jon Ford, Baron's technical director, said, "Despite strenuous efforts by the license administrator on behalf of the joint venture, ourselves and the NSTA to establish a way forward for the license, we have reluctantly agreed that there is no clear pathway to acquiring the necessary 3D seismic and subsequently drilling an exploration well on P2478 in a timely fashion given the competing activities in the license area. In terms of further potential activity offshore UK, we continue to await the result of our 33rd Round of Licensing application."
License P2478, awarded in September 2019, is held by Reabold North Sea (36%), Baron (32%) and Upland Resources (UK Onshore) Ltd. (32%). Situated in the Inner Moray Firth, the P2478 license (blocks 12/27c,17/5,18/1 and 18/2) contains the Dunrobin and Golspie set of prospects.
03.29.2024
