Silverstone raises E&P funds

Offshore staff

ABERDEEN, UK --Silverstone Energy's recently closed equity offering raised $94.54 million, which will be used to fund exploration and development projects in the UK North Sea this year and next.

The company discovered the Viking Lx field in the southern gas basin, in partnership with ConocoPhillips, and expects development to get under way soon, leading to first production in fall 2008.

Silverstone also operates 15 UK sector 'promote' and traditional blocks in the southern and central North Sea.

06/05/2007