North Sea Energy Inc. is withdrawing from the Jacky field in the UK sector of the North Sea.
The company yesterday announced it had signed an agreement with Ithaca Energy (UK) Limited and Dyas UK Limited , whereby under the terms of the Agreement, North Sea Energy agrees to withdraw from the Jacky Field (P.1392, Block 12/21c), effective December 31, 2013.
The Agreement settles all outstanding issues and releases the Company of all future costs including decommissioning liabilities from the effective date. The Jacky Field is located 12 miles off the Scottish coast and has been producing light oil.
Prior to completing the Agreement, NSE UK held a 10% interest in the Jacky Field, while its partners, Ithaca and Dyas, held 47.5% and 42.5% interests respectively. Ithaca is the Operator of the Jacky Field.
“This Agreement removes a substantial amount of future financial uncertainty for NSE,” stated NSE CEO, Craig Anderson. The Agreement is subject to the approval of the Department of Energy and Climate Change (DECC).