LONDON --Chrysaor Holdings has secured $175 million in funds from shareholders and senior management.
The company will use the money forexploration in Quad 35 in the Porcupine basin offshore western Ireland and potential acquisitions.
Quad 35 contains two proven discoveries, including theSpanish Point gas/condensate field. In May Cairn Energy agreed to take a 38% interest in return for participating in and promoting drilling of up to two wells and a 3D seismic program.
West of Shetland, the Premier-operatedSolan field development is on target for first production in 2014. Chrysaor will take over operatorship of the license at that stage.
Elsewhere in UK waters, the company is evaluation export options for gas condensate from the undeveloped Phoenix field in the Moray Firth basin off northeast Scotland.