Serica Energy plc has secured a 40% farm-in on the Wagtail oil discovery and the March and Bancroft exploration prospects, within licence P2530, for an initial $650,000.
EXTENSION
The agreement is with Australian-listed Finder Energy which currently holds the central North Sea licence with a 60% operated interest.
Dana Petroleum holds the 40% balance.
Serica said that its stake in Wagtail added an operator-estimated circa eight million barrels of oil of net 2C contingent resources.
The discovery lies northwest of the Triton floating production storage and offloading unit, operated by Dana.
Serica added that the North Sea Transition Authority had recently agreed an extension to the licence until 31 August 2026.
“During the extension period, development engineering feasibility studies will be carried out to confirm its potential integration into the Triton FPSO and to provide comfort that such a tie-back can be economically developed.
“The P2530 joint venture will then be in a position to decide whether to move onto the
next licence phase and commit to drill an appraisal well, or relinquish the licence with no further commitments by 31 August 2026.”
Completion of the farm-in is subject to approvals.