RWE signs up for Handcross well offshore west of Shetland

RWE Dea has agreed to farm in to two licenses west of Shetland in the UK offshore far north, and will participate in a well on the Handcross prospect.

Offshore staff

HAMBURG, Germany – RWE Dea has agreed to farm in to two licenses west of Shetland in the UK offshore far north, and will participate in a well on the Handcross prospect.

The company will take a 20% equity stake from Valiant Causeway in part of blocks 204/14c, 204/18b, and 204/19c covered by licenses P1631 and P1832. Valiant will retain operatorship.

Handcross is a large Palaeocene channelized fan prospect in the Judd basin, defined by clear far offset amplitude and AVO responses. It could hold in-place volumes of 115 MMboe.

The location is close to the Suilven and Tornado discoveries and 20 km (12.4 mi) fromBP’s Quad 204 redevelopment. The partners have secured a firm slot on the Stena Carron drillship to drill the well, probably this fall.

Following completion of the transaction, and assuming UK government approval, the Handcross partners will be Valiant (70%, operator), RWE Dea (20%), and Sussex Energy (10%).

4/1/2013

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