Siccar Point Energy Announces Sale of Minority Interest in Greater Cambo Area Licences to Shell UK Limited
Thursday 29 March 2018
Siccar Point Energy announced that on 28 March 2018, a Sale and Purchase Agreement was signed with Shell UK Limited under which Shell will acquire a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect), both located 125 km north-west of the Shetland Islands.
A final appraisal well is planned on the Cambo discovery in Q2 2018 and an exploration well is planned on the Blackrock prospect in 2019. Details of the consideration are not being disclosed but the key elements are a cost carry contribution on both the wells and any subsequently approved development on Cambo.
Completion of the transaction remains subject to customary regulatory and partner consents.