(Aberdeen)- Silverstone Energy, an affiliate of Aberdeen-based Storm Ventures International, has concluded a farmin in the highly prolific southern North Sea V-Fields area.
As a result, Silverstone plans to spud its first offshore well in March 2006. This first well to be drilled is the Vanquish prospect, with a price tag of approximately $15 million for exploratory tests.
This well is the first of two commitments to be drilled in 2006. Silverstone has identified 8-10 prospects on this large contiguous farmin block, each averaging 60-80 bcf gas in place.
In a statement announcing these plans, Silverstone stated, "We believe this project is an excellent starting point in establishing operating expertise and credibility in a challenging new basin with excellent economics."
The planned activities will be funded from the proceeds of the $34 million equity offering that was completed in October 2005.