Oyster bags stake in UK North Sea licence

Oyster Petroleum Limited has entered into a farm-in agreement whereby, in exchange for covering certain well costs on drilling, Oyster Petroleum will acquire a 30% interest in licence P.2132, covering blocks 16/11b and 16/16 in the South Viking Graben of the UK North Sea.

The P.2132 licence is operated by Maersk Oil North Sea UK Limited, with Joint Venture partner Centrica Resources Limited, and includes the Red Castle prospect where an exploration well is scheduled for the second half of 2015.

Richard Morgan, Chief Executive Officer of Oyster Petroleum, commented: “Following our recent licence awards in the UK 28th Round, this is a further positive step for Oyster Petroleum as we continue 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.”

Oyster Petroleum says that the transaction remains subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.

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