Germany: Danoil to earn stake near Danish discoveries

Danoil Exploration AS has taken a farmout from the UK unit of PA Resources AB to earn a 10% interest in the B20008/73 license in the North Sea offshore Germany.

After the farmout, which is subject to regulatory approval, PA Resources will retain a 90% interest.

The license lies partly adjacent to PA Resources operated Danish License 12/06, held 64% by PA Resources and 8% by Danoil, in which the Broder Tuck gas-condensate and Lille John oil discoveries were made in 2011.

Detailed studies are on-going to assess the scope to progress the Broder Tuck field directly to development, and an appraisal well at Lille John is to be drilled as soon as a rig slot can be secured.

The German license is prospective at similar levels to the two discoveries and to nearby fields in Denmark and the northern Netherlands, specifically Jurassic sandstone, Cretaceous chalk, and Miocene sandstone, PA Resources noted.

Under the farmout, Danoil will partially carry PA Resources costs to obtain extensive 3D seismic coverage over the license and adjacent areas.

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