DEO Petroleum announce Gamma/Spaniards amalgamation agreement

Thursday, January 12, 2012
  • DEO has a carried interest of 12.62% and will make no cash contribution to the dry-hole cost of the first well.

DEO Petroleum plc, the oil and gas development and production company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that the amalgamation agreement to combine the Licence P218 Block 15/21a Gamma Sub Area ("Gamma") and Block 15/21g ("Spaniards") areas has been finalised. The parties to the agreement will now effect the relevant transfer documentation. A firm commitment well is expected to be drilled by Encore (Operator) in the third quarter of 2012.

DEO has a carried interest of 12.62% and will make no cash contribution to the dry-hole cost of the first well. The remaining Gamma/Spaniards equity is held by Encore (28%), Nautical Petroleum (21%), Serica Energy (21%), Faroe Petroleum (8.4%), Maersk Oil (5.74%), and Atlantic Petroleum (3.24%).

David Marshall, DEO Chief Executive Officer Comments:

"We are delighted to announce the signature of the amalgamation agreement which will allow detailed well planning activities to be finalised. We look forward to the results of the commitment well later in 2012."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related Companies

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

Key Supporters


 

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Oil and friction in Iraq
    Oil continues to be a cause of considerable friction between Baghdad and Irbil, and is most definitely not lubricating relationships. The game of “Texas Hide and Seek&rd ...

» More Opinion & Commentary         » Write for us             RSS RSS

OilVoice Magazine
Oil Echo
Oil Earth

Opinions & Commentary

Help needed - to figure out the EU's Energy Strategy!

by David Bamford

Read More »