Uchenna Izundu
International Editor
LONDON, Jan. 18 -- EnCore Oil PLC, London, has relinquished interests in Block 43/8, in the Atlantic Ocean's Porcupine basin, and Block 47/9c, in the southern gas basin of the UK North Sea, under a farmout agreement signed with Star Energy and Venture Production respectively.
Star Energy, now holding a 50% interest, plans to carry out a feasibility study by June 2007 and a 3D seismic survey to determine if Forbes field can be converted to store 50 bcf of natural gas. It also will operate the field if it becomes a gas store.
Venture Production will take a 90% interest and operatorship of Block 47/9c. Venture will drill an appraisal-development well by 2008 on the 1982 Barbarossa discovery and will pay all costs for this, targeting about 30-35 bcf of gross reserves.
EnCore has also completed acquisition of four petroleum companies: privately held Virgo Oil & Gas Plc.; Virgo Energy Ltd.; Nido Petroleum (UK) Ltd.; and Grove Energy (UK) Ltd. The farmout with Star Energy started with Virgo Energy. Venture Production reached a 45% farmin deal with Nido, and Corsair Petroleum granted the other 45% in a separate transaction.
"The acquisition of the four companies adds a significant number of UK licensed blocks and part blocks in the North, Central and Southern areas of the North Sea to EnCore's existing offshore UK portfolio," EnCore said.
The UK Department for Trade and Industry, which awards licenses for the UK North Sea, has informed EnCore that the five promote licenses it acquired under its mergers can be converted to traditional licenses, meaning that EnCore can carry out exploration work.
Contact Uchenna Izundu at [email protected].
