Maersk farm-in spurs Bagpuss well in North Sea
Maersk Oil is in talks with North Sea Energy on farm-ins to two concessions in the Moray Firth in the UK North Sea.
TORONTO– Maersk Oil is in talks with North Sea Energy on farm-ins to two concessions in the Moray Firth in the UK North Sea.
Blocks 13/24c and 13/25, containing the Bagpuss and Blofeld prospects, were awarded as a promote license under theUK’s 27th licensing round. North Sea Energy (NSE) has a 40% interest, EnCounter Oil 40%, and Groliffe 20%.
Both prospects are on the Halibut Horst, a well-defined basement high in theMoray Firth, offshore northeast Scotland.
Under the farm-in agreement, Maersk would gain a 25% stake in the blocks. In exchange it would carry 100% of NSE’s costs, subject to a cap, for the initial Bagpuss exploration well, including a site survey. This could be drilled in 2014.
Maersk would also carry 50% of NSE’s costs, subject to a cap, on any subsequent appraisal well.
Encounter and Groliffe will also reduce their interests after agreeing to a deparate farm-out arrangement.
All the transactions are subject to the approval of the UK government and third-party consents.