Australia’s Talon takes over EnCounter’s North Sea licenses

The Talon Petroleum UK North Sea Portfolio after acquisition of EnCounter

Australia-based Talon Petroleum has completed its previously announced acquisition of EnCounter Oil Limited, which owns two UK North Sea licenses. 

The acquisition of EnCounter – a private, UK-based company formed in 2012 – was announced back in January 2019.

EnCounter was formed by key former members of the executive management team of EnCore Oil, a London-listed, North Sea-focused E&P company which was formed in 2005. EnCore was involved in 25 wells and was responsible for significant hydrocarbon discoveries at Breagh, Cladhan, Catcher, Varadero and Burgman as well as several other smaller discoveries. EnCore was acquired by Premier Oil in 2011 for £221 million.

Following the completion of the acquisition on Wednesday, Talon holds 100% interests in EnCounter’s highly prospective exploration licenses in the UK North Sea.

License 2363 contains the 107mmbo (best estimate prospective resource) Skymoos Prospect and Licence 2392 which hosts the 27mmbo (best estimate prospective resource) Rocket Prospect.

Talon said that the estimated quantities of petroleum that may potentially be recovered by the application of future development projects relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

In addition, EnCounter founder and UK North Sea exploration specialist Graham Dorè has joined the Talon Board as a Non-Executive Director, and EnCounter’s Paul Young joins as Geoscience Manager.

Farm-out for Skymoos & Rocket Prospects

Talon said it had licensed additional high-quality 3D seismic data over both Rocket and Skymoos and had started a farm-out process to secure industry partners to provide expertise and funding support for the drilling of these high-impact exploration targets.

Talon noted it had received strong interest from potential partners at this early stage and was confident of securing a farm-in partner for both assets in the near term.

Curlew-A appraisal project

According to Taloon, operations planning in respect of the Curlew-A appraisal opportunity is continuing with a view to drilling in late 2019.

The operator, Corallian Energy, advised that it was continuing with its farm-out process and was planning for a well-site survey during the Northern summer in preparation for drilling.

License round opportunities

Talon has applied for an additional exploration license in the UK Oil and Gas Authority’s 31st Seaward Licensing Round. If previous license round timings are to be used as a guide, the announcement of successful applicants can be expected in May 2019.

Talon has applied for a license area that contains high-impact exploration potential identified from good quality 3D seismic, and with low-cost work commitments in the initial phase. In the event Talon is successful in what is a competitive bid process, a farm-out process for the license will be started and drilling partners sought.

Additionally, Talon continues to review prospects to add to its UK North Sea exploration portfolio, with several opportunities under consideration.

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