LONDON --Elixir Petroelum and Sosina Exploration have concluded a farm-out agreement in the UK North Sea with RWE Dea. This relates to block 211/18b (license P1381), awarded in December 2005 under the UK's 23rd licensing round.
RWE Dea will take a 30% interest in the block through co-financing a planned exploration well on the Leopard prospect. The partners are also seeking a further farm-in to reduce their cost exposures as a result of this well.
Leopard is a large Upper Jurassic stratigraphic prospect which Elixir's mapping – derived from recent 3D seismic – indicates potential for several hundred million barrels of oil. Leopard has been de-risked via a long offset seismic line linking it with a producing analog, the Borg oil field, across the North Sea median line in Norwegian waters.