Kerr-McGee acquiring stake in four North Sea exploration licenses from BP

Kerr-McGee North Sea (UK) Ltd. Announced plans to acquire a stake in in four exploration licenses covering five blocks in the central North Sea from BP PLC.

Sept. 13, 2004

By OGJ editors
HOUSTON, Sept. 13 -- Kerr-McGee North Sea (UK) Ltd. Announced plans to acquire a stake in in four exploration licenses covering five blocks in the central North Sea from BP PLC.

Commercial terms of the transaction were not disclosed, but Kerr-McGee said that it will operate four of the five blocks.

Kerr-McGee is acquiring 66% of Block 22/25a (excluding the Mirren and Merganser fields). In addition, it is acquiring a 50% stake each in Block 23/26aS (excluding the Machar and Erskine fields), Block 30/1a, and Block 30/1e.

The company also acquired a 65% non-operating interest in Block 22/15.

"Acquiring positions in these blocks bolsters our commitment to exploring the central North Sea, one of our core operating areas," said Terence Jupp, Kerr-McGee's UK managing director.

In addition to pursuing an active new business development program, Kerr-McGee said it expects to drill 4-6 exploration wells/year in the North Sea.