COP set to lift stake in UK block

Canadian Overseas Petroleum (COP) has signed a North Sea farm-in agreement with SSE E&P UK.

Offshore staff

CALGARY, Canada – Canadian Overseas Petroleum (COP) has signed a North Sea farm-in agreement with SSE E&P UK.

By paying SSE’s 16.67% share of drilling costs in the Lower Toad, Newt, and West Columbus prospects in UK North Sea block 23/21, the Canadian company will earn 50% of SSE’s interest in these structures.

This arrangement could be extended to the Upper Toad appraisal prospect in the same block.

Following the agreement with SSE and a separate arrangement with BG International, COP will have a 50% interest in each prospect on completion of drilling.

The company plans to participate in at least six wells in the North Sea over the next 15 months with a variety of co-venturers, based on farm-in deals signed last December and this February.

06/08/2011

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