Completion of Acquisition of UKCS Licence P359 Relating to the Arran Discovery
Tuesday 4 July 2017
Zennor Petroleum Limited (“Zennor”) is pleased to announce that on the 30th June 2017 its subsidiary, Zennor North Sea Limited, completed the acquisition of interests in and under United Kingdom Petroleum Production Licence P359.
These interests comprise (1) a 40.0002% working interest in Block 23/16b Area A (Arran North); and (2) a 66.667% working interest in Block 23/16a Area B (Arran South); and such interests together comprise a 47.35664% unitised interest in the unit area covering the Arran discovery, which is intended to be delineated as the Arran field (“the Interests”). The Interests were acquired from Esso Exploration and Production UK Limited for an undisclosed consideration.
The Arran discovery, located in the East Central Graben is an undeveloped gas condensate discovery. The Arran operator, Dana Petroleum (E&P) Limited is currently working towards applying for field development consent. This acquisition supports Zennor’s strategy of building a diversified UK portfolio and the longer-term objective to deliver net production of over 10,000 barrels of oil equivalent per day from a resource base of more than 100 million barrels oil equivalent of 2P/2C.
Martin Rowe, Managing Director, Zennor Petroleum commented:
“This transaction represents another important step in the delivery of our North Sea-focussed strategy, and we are looking forward to working with the Arran Operator and Joint Venture Partners to enable a timely sanction of the Arran Project.”