Petro River acquires more interest in three North Sea licenses

Source: Pixabay

U.S.-based independent oil and gas exploration company Petro River has announced the acquisition of an additional 5.63% interest in an international, offshore exploration project in the North Sea.

Petro River said on Wednesday that the acquisition was made through Horizon Energy Acquisition, a newly-formed company of which Petro River owns a 14.5455% membership interest and has a right to appoint one member to the three-member board of managers.

Petro River already holds an indirect 5.63% interest in the same assets through its investment in Horizon Energy Partners.

The UK Project includes three Seaward Production Licenses (P2300, P2329, and P2427), encompassing approximately 455,000 net acres with the potential of being awarded a fourth, adjacent license, comprising approximately 150,000 net acres. Horizon Energy is a sponsor of a new 3D seismic survey to be started in the second quarter of 2019 that will image a portion of the licenses.

According to Petro River, based on current mapping conducted with modern 2D seismic data, Horizon Energy believes there is an opportunity to discover significant oil and gas resources in the area, both within and outside of the current 3D survey area. Typically, a 3D survey should reduce the exploration risk, the company said.

Stephen Brunner, President of Petro River, said: “We look forward to our participation in the UK Project with Horizon Energy. North Sea oil and gas exploration activity nearby the Licenses has recently experienced a resurgence.

“Notably, earlier this month Shell Holdings (UK) Limited, a subsidiary of Royal Dutch Shell plc, announced a farm-out transaction with an independent company exploring the same general trend as Horizon Energy. Other companies are contemplating drilling a well or wells in the area later in 2019.”

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply