Atlantic to Farm-In to Orchid Prospect
Wednesday, April 13, 2011
P/F Atlantic Petroleum
Atlantic Petroleum has reached an agreement to acquire a 10% stake in P.1556, Block 29/1c containing the Orchid Prospect from Summit Petroleum in return for carrying a share of the cost of the initial exploration well.
The Orchid Prospect is a four-way dip closure in the Tertiary and Chalk and is located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet fields. The Orchid prospect is located close to acreage awarded to Atlantic Petroleum in the 26th Round.
Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of this year.
Ben Arabo, CEO, commented, "This is an important addition to our 2011 program. We are pleased to join Summit in the Central North Sea which is an area of growth for Atlantic Petroleum. We look forward to working with this new partner group on the Orchid project."
Showing posts with label Orchid. Show all posts
Showing posts with label Orchid. Show all posts
Wednesday, April 13, 2011
Monday, April 4, 2011
Valiant to Take Stake in Orchid Prospect
Valiant to Take Stake in Orchid Prospect
Monday, April 04, 2011
Monday, April 04, 2011
Valiant Petroleum plc
Valiant's wholly owned subsidiary, Valiant Exploration Limited, has reached an agreement to acquire a 30% stake in Block 29/1c containing the Orchid prospect from Summit Petroleum Limited ("Summit") in return for carrying a share of the cost of the initial exploration well.
The Orchid prospect is a four-way dip closure in the Tertiary and Chalk horizons and is a located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet group of fields. The Orchid prospect is located adjacent to acreage Valiant recently agreed to acquire from Sterling Resources (U.K.) Ltd, which contains a similar prospect and two smaller appraisal opportunities.
Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of the year.
Peter Buchanan, CEO, commented, "We are pleased to join Summit in the Central North Sea which is a growing area of exploration focus for Valiant. Orchid will be the third exploration well planned for 2011 following the recent announcement regarding the farm-out of Cladhan South in the Northern North Sea and the Don Southwest Area E discovery made in the first quarter."
The Orchid prospect is a four-way dip closure in the Tertiary and Chalk horizons and is a located in the Central North Sea surrounded by the producing Banff, Kyle, Bittern and Gannet group of fields. The Orchid prospect is located adjacent to acreage Valiant recently agreed to acquire from Sterling Resources (U.K.) Ltd, which contains a similar prospect and two smaller appraisal opportunities.
Summit, the operator, is currently seeking a semi-submersible rig to drill the prospect in the second half of the year.
Peter Buchanan, CEO, commented, "We are pleased to join Summit in the Central North Sea which is a growing area of exploration focus for Valiant. Orchid will be the third exploration well planned for 2011 following the recent announcement regarding the farm-out of Cladhan South in the Northern North Sea and the Don Southwest Area E discovery made in the first quarter."
Subscribe to:
Posts (Atom)