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Chrysaor Signs East Solan Basin Farm-Out with RWE

Source: 12/4/2013, Location: Europe

Chrysaor CNS Limited (“Chrysaor” or the “Company”), a subsidiary of Chrysaor Holdings Limited, an independent exploration and production company focused on developing and commercialising oil and gas discoveries in the UK North Sea and Ireland, is pleased to announce it has signed a farm-out agreement with RWE Dea UK SNS Limited (“RWE Dea”).

Pursuant to the farm-out agreement, RWE Dea will acquire a 25% interest in Chrysaor’s United Kingdom Continental Shelf Petroleum Production Licences P.2074 (Blocks 205/26c and 205/27) and P.1932 (Blocks 202/4, 202/5 and 203/1a), West of Shetlands. Chrysaor will retain a 75% interest and Operatorship of the licenses which were awarded in the 27th Licensing Round. The farm-out agreement is subject to government approval.

Chrysaor and RWE Dea have, subject to the necessary regulatory consents, agreed to drill a 2015 exploration well on the Mustard Prospect in Block 205/27. Mustard is an Upper Jurassic submarine fan prospect at a depth around 8,000ft on the north-eastern side of the East Solan Basin in water depth of approximately 150m. Mustard is located some 15km from the Solan Field facilities, which have been designed to enable tieback of future area discoveries.

Commenting, Phil Kirk Chrysaor CEO, said:
“We are very pleased to welcome RWE as a partner to our exciting West of Shetlands acreage. We look forward to working together with them, to prove the significant potential that exists within the East and South Solan Basins. The West of Shetlands is a core area for Chrysaor and the licenses we acquired in the 27th Round are a key part of our strategy to build a hub area around the Solan facilities.

2014 will be a milestone year for Chrysaor as we see our first operated UK production from the Solan field and drill the Spanish Point appraisal well in Ireland.”

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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