20 February 2007
RWE Dea UK farms in to North Sea Block 211/18b
RWE Dea UK SNS Limited (RWE Dea) has agreed to farm in to Elixir Petroleum Limited's northern North Sea Block 211/18b.
Block 211/18b (Licence P1381) is a traditional licence awarded in the 23rd UKCS Licensing Round in December 2005. The current interest holders in P1381 are Elixir (80%) and its joint venture partner, Sosina Exploration Ltd (20%).
Under the terms of the farm-in offer, RWE Dea will secure a 30% interest in Block 211/18b and participate in drilling an exploration well on the Leopard prospect.
The offer is conditional upon the execution of a formal farm-in agreement by 30 April 2007 and the consent of the Secretary of State for Trade and Industry to the licence interest assignment.
Leopard is a large Upper Jurassic stratigraphic prospect within Block 211/18b with interesting prospective resources of hydrocarbon and potential upside. The prospect has been mapped from modern 3D seismic. In addition it has been de-risked by a long offset seismic line linking Leopard with a producing analog, the Borg oil field, across the median line in Norway.
Christoph Schlichter, RWE Dea (UK) Limited's Managing Director, said: "Block 211/18b is in a prolific hydrocarbon producing area and the Leopard prospect looks highly interesting. We are pleased to have concluded this agreement with Elixir and Sosina which provides us with a further opportunity to balance our UK portfolio."
Contact:
Harald Graeser, Head of Corporate Communications Phone: +49(0)40 – 63 75 2511 Mobile: +49(0)162 – 273 2511
Derek Mösche, Press spokesman Phone: +49(0)40 – 63 75 2670 Mobile: +49(0)162 – 273 2670
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