26 June 2014, News Wires – Tullow Oil is shedding part of its operating stake in a North Sea licence under a farm-out deal that will see Norwegian explorer North Energy participate in an imminent wildcat at the Lupus prospect.
The UK operator has agreed to sell a 10% interest in production licence 507 to Oslo-listed North Energy for an undisclosed sum, giving the latter an interest in the well that is set to be spudded within the next few days by semi-submersible Borgland Dolphin.
The 31/10-1 probe, targeting net mean resources of 167 million barrels, will be drilled in a water depth of 121 metres about 36 kilometres south of the producing Oseberg South field.
North Energy said it sees a “high probability” of a discovery at the prospect, based on electromagnetic survey data.
Tullow will be left with a stake of 60% in the licence, with remaining partners Explora Petroleum (20%) and Ithaca Petroleum (10%) on completion of the deal, which is subject to regulatory approval.