Fairfield completes Clipper South acquisition

Fairfield Energy has completed a 100% acquisition of the Clipper South discovery area from Shell and ExxonMobil.

Offshore staff

ABERDEEN -- Fairfield Energy has completed a 100% acquisition of the Clipper South discovery area from Shell and ExxonMobil. The Clipper South discovery was made by well 48/19a-3 in March 1983 and further delineated by well 48/19-13z in July 1992.

"The completion of this acquisition delivers our first core area in the southern North Sea gas province," says Mark McAllister, Fairfield's CEO. Since last December when Sale and Purchase Agreements were signed, we have progressed our subsurface understanding of Clipper South through the reprocessing of the 3D seismic dataset and the building of detailed reservoir models.

In parallel we have commissioned engineering studies to allow us to select the optimum facilities concept for the field, which we plan to tie back to nearby infrastructure. Conversations with potential hosts have begun. Our strategy is to couple modern drilling and completion technology with simple cost effective engineering solutions to deliver Clipper South gas to market in the shortest time-frame possible."

04/07/2008

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