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RWE Dea Acquires Licence Shares West of Shetland

Source: www.gulfoilandgas.com 12/4/2013, Location: Europe

RWE Dea has signed an agreement to farm-in to Licences P1932 and P2074, which will allow the company to participate in the drilling of the Mustard prospect in the UK Continental Shelf (UKCS), West of Shetland. The well is planned to spud in 2015.

RWE Dea is acquiring a share of 25% from Chrysaor CNS Limited in blocks 202/4, 202/5, 203/1a, 205/26c and 205/27. Mustard is an Upper Jurassic prospect located in the East Solan Basin in the UKCS West of Shetland.

“Mustard will fit perfectly into our expanding portfolio of North Sea and West of Shetland assets and we are looking forward to being part of this exciting opportunity,” explains Dirk Schoene, Managing Director of RWE Dea UK. The licence area will build upon Licence P2018, which RWE Dea has been awarded in the UKCS 27th Offshore Licensing Round, and its acquisition of an interest in the Handcross prospect (Licences P1631 and P1832) in April 2013. A first exploration well at the Mustard prospect is planned to be drilled in 2015.

On the UK Continental Shelf, RWE Dea holds an attractive portfolio of producing, development and exploration assets in the Southern, the Central as well as in the Northern North Sea.

The farm-in agreement will be effective as of January 2013 subject to approval from Department of Energy & Climate Change of the UK Government.

Licensees P1932 and P2074:
- RWE Dea UK: 25%
- Chrysaor (operator): 75%

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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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