Gulf Oil and Gas accountACCOUNT

Serica Completes Farm out to UK East Irish Sea Blocks

Source: www.gulfoilandgas.com 8/5/2014, Location: Europe

Serica Energy plc has completed the farm out of UK East Irish Sea Blocks 113/26b and 113/27c (Licence P.1482) with Centrica through its subsidiary Hydrocarbon Resources Limited ("HRL").

Under the agreement, HRL has acquired an operated 45% interest in the licence, with Serica retaining 20%, in consideration for HRL bearing Serica's share of costs associated with the drilling of an exploration well, up to a gross cap of £11 million. In addition, the transaction involved the transfer from Serica to HRL of a 15% interest and operatorship in the adjacent Block 113/22a (Licence P.2124), which was awarded in the 27th Offshore Licensing Round. The equity interests over the two licences are now aligned.

The Doyle gas prospect, lying in the north of Block 113/27c and extending into Block 113/22a, is ready to drill. The site survey for this prospect has been completed and planning for the well is under way.

Tony Craven Walker, Serica's Chairman and CEO said:
"We are extremely pleased to complete this agreement and look forward to confirming the drilling of the Doyle well in the near future. Successful negotiations with the nearby Walney Extension Wind Farm owners have secured a corridor for a potential gas pipeline to Rhyl. In the event of a commercial discovery, Doyle is ideally placed for a fast-track development and early gas production due to available capacity in nearby infrastructure."

Acquisitions and Divestitures News in United Kingdom >>

United Kingdom >>  6/5/2020 - Highlights
- Amended terms for the acquisition of the Andrew Area and Shearwater assets (together, the “BP Acquisitions”) agreed in principle
Brazil >>  6/4/2020 - Petrobras informs that it has started the opportunity disclosure stage (teaser), regarding the sale of its stakes in five power generation companies: ...

Nigeria >>  6/4/2020 - Canadian Overseas Petroleum Limited, an international oil and gas exploration and development company focused on offshore Africa is pleased to announc...
Australia >>  6/3/2020 - Shell plc is considering a sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities – a multibillion dollar investment opportu...

Australia >>  6/1/2020 - Oilex Ltd and Armour Energy Limited have agreed that the date for the satisfaction of the conditions precedent for the proposed sale of all of its int...
Brazil >>  6/1/2020 - Petrobras, following up on the release disclosed on 05/04/2020, announces the beginning of the non-binding phase regarding the sale of its stake (35...

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

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


United Kingdom Oil & Gas 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 | 32 | 33 | 34 | 35 | 36 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.