North Sea Gamma/Spaniards alignment secured

    Jan. 13, 2012
    DEO Petroleum says an agreement has been finalized by the license partners to combine two exploration blocks in the UK North Sea.

    DEO Petroleum says an agreement has been finalized by the license partners to combine two exploration blocks in the UK North Sea.

    This relates to license P218 coveringblock 15/21a Gamma Sub Area (Gamma) and block 15/21g (Spaniards) areas.

    DEO expects operator EnCore Oil to spud a commitment well this summer. DEO has a carried interest of 12.62% and will make no cash contribution to the dry-hole cost of the first well.

    The Gamma/Spaniards equity is held by Encore (28%), Nautical Petroleum (21%), Serica Energy (21%), DEO (12.62%), Faroe Petroleum (8.4%), Maersk Oil (5.74%), and Atlantic Petroleum (3.24%).

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