Oyster Petroleum to acquire 30% interest in UK North Sea P.2132 licence

15 December 2014

Exploration and production firm Oyster Petroleum has agreed to acquire a 30% interest in the P.2132 licence, UK North Sea.

Maersk Oil North Sea UK currently operates the licence with joint venture partner Centrica Resources.

The licence covers blocks 16/11b and 16/16 in the South Viking Graben and includes the Red Castle prospect where an exploration well is expected to be drilled in the second half of 2015.

The transaction, which includes certain well costs on drilling, is subject to regulatory approvals from the Department of Energy and Climate Change and the secretary of state.

Oyster Petroleum's chief executive officer Richard Morgan said: "Following its recent licence awards in the UK 28th Round, this is a further positive step for Oyster Petroleum as the company continues to build a high-quality exploration programme.

"We are delighted to be working with Maersk Oil and Centrica as Red Castle moves towards drilling next year."

In September, Oyster agreed to acquire a 25% interest in licence P.1948 in the UK Central North Sea.
Endeavour Energy UK operates the P.1948 licence with joint venture partners Faroe Petroleum (UK) and First Oil and Gas.

Oyster Petroleum, which is based in Dorking, is focused on making discoveries in new and significant oil plays in the UK North Sea.

The company, which has secured funding to undertake a focused exploration programme, is currently working to build a UK production base.



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