Caithness awarded further UK block

Caithness Oil has secured a new exploration permit in the central North Sea under the UK’s 25th licensing round.

Offshore staff

LONDON -- Caithness Oil has secured a new exploration permit in the central North Sea under the UK’s 25th licensing round. License P1524, covering block 23/26c, 250 km (155 mi) east of Aberdeen, includes two identified prospects in an area close to producing fields.

The company and its 50-50 partner in the license, Reach Exploration (UK), currently are interpreting 3D seismic data over the block in order to map structures in readiness for drilling.

Caithness’ parent company, Caithness Petroleum, has concluded a $58-million fund-raising program. Some of the funds will go to drill the L11/24-3 well on the Lybster field in the UK North Sea. It also plans to acquire further seismic over the Inner Moray Firth to prove up prospects identified from an earlier survey.

11/13/2009

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