Caithness to pursue Lybster development

Caithness Petroleum has raised $105 million in funds via a private placement of ordinary shares.

Offshore staff

LONDON, UK --Caithness Petroleum has raised $105 million in funds via a private placement of ordinary shares.

The placement, arranged by Merrill Lynch, will aid the company's planned exploration and development programs, which include the Lybster and Knockinnon oil discoveries in the UK Inner Moray Firth.

Caithness has identified a further nine structures in its six UK North Sea offshore blocks that it considers high-potential. It aims to start development of Lybster this year, and will also use the result of a 3D seismic survey of the offshore blocks to determine a future drilling program.

08/03/2007

More in Company News