Elixir and Granby agree farm-outs to Albion, paving way for exploration of North Sea Guinea prospect
Offshore staff
(London) Elixir Petroleum is set to farm out interests in up to five UK North Sea licenses to fellow independent Albion Petroleum. In return, Albion will provide funding of at least £5 m towards the cost of three exploration wells in the license areas. Elixir's partner Granby Oil and Gas has made a similar agreement.
The first well will likely be drilled later this year on Guinea, a four-way, dip-closed Palaeocene structure in block 15/13b, lying on trend with the Balmoral and Dumbrton fields. The location is 20-km north of Talisman's Piper oil field, in a water depth of 150 m. The block was awarded to Granby in December 2004 under the UK's 22nd licensing round.
