WHAM Energy Limited (WHAM), the private oil & gas exploration company, has reached an agreement with Centrica Resources Limited, a subsidiary of Centrica plc, to enable the Company to drill an exploratory well on Block 42/21 within the Prometheus prospect in the Southern North Sea. WHAM Energy was set up in 2003 by three highly experienced North Sea geoscientists to identify new hydrocarbon exploration opportunities within the North Sea.
Centrica has agreed to acquire an interest in the subject licence and drill one exploratory well to a total depth of 2745 metres sub sea. The well will enable the partners to test the Prometheus prospect in the highly prolific Permian Leman Sandstones.
WHAM will be carried through the drilling and testing operations and retain a 20% equity interest in the licence. It is anticipated that the well will be drilled in the third to fourth quarter of 2005.
The licence equity holders post-completion of the well will be:
Centrica Resources Limited 40%
Endeavour Energy UK 22.5%
WHAM Energy Limited 20%
Antrim Energy Inc. 17.5%
Tom Windle, CEO of WHAM, said: “The technical expertise of the WHAM team and our long experience of exploration in the Southern North Sea has allowed us to develop Prometheus in the manner intended by DTI’s Promote Round initiative. Attracting a company such as Centrica to drill Prometheus brings considerable resources to our group and is a significant step in the development of WHAM. Our goal now is to continue to work toward generating a portfolio of drillable prospects for 2006 and 2007 from our other Promote licences”.
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