UK: Sterling, Enquest Swap Offshore Assets

UK: Sterling, Enquest Swap Offshore Assets

Sterling Resources Ltd. has agreed to Enquest’s 10 percent interest in its F-Quad and L-Quad licences in the Dutch North Sea, and Enquest will acquire Sterling’s 50 percent interest in the Cairngorm licence (Block 16/3d) in the UK North Sea.

Sterling now as operator hold a 35 percent interest in the shallow geological horizons of blocks F14, F16, F17a, F18 and L01b. The other partners are Petro Ventures Netherlands B.V. with a 25 percent interest and EBN with a 40 percent interest. The five blocks cover 1,550 square km located approximately 80 km offshore in a water depth of 45 metres. The shallow geological horizons of these blocks contain four oil discoveries, with several wells which tested oil at flow rates of up to 4,800 barrels per day with API gravities in excess of 30 degrees.

Earlier in 2012 Sterling drilled an appraisal well (F17-09) on Block F17a which confirmed, similar to what was observed in previous wells, an oil water contact (OWC) at approximately 2000 metres sub-sea and a 10 metre gross oil interval (6 metre net oil interval) within the Jurassic Schieland formation. Communication with previously drilled well F17-03 was also indicated with an updip potential resultant oil column of up to 120 meters.

”The Cairngorm licence, which was awarded in the UK 26th Offshore Licensing Round earlier this year, is not a core asset for Sterling,” stated Mike Azancot, Sterling’s President and CEO. “We are therefore pleased to enter into this mutually beneficial agreement with Enquest, as our F-Quad and L-Quad licences in the Dutch North Sea remain highly prospective and this transaction will further optimize Sterling’s portfolio of assets,” noted Mr. Azancot.

Offshore Energy Today Staff, May 18, 2012

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

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

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

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