The new licence is located offshore adjacent to Northern's Isle of Wight onshore licence, PEDL 240, awarded in May 2008. The part blocks 98/13 and 98/14 cover the offshore extension from PEDL 240 of a prospect that has been mapped prior to 2008 using both seismic and well data and is located in the same petroleum basin as the Wytch Farm oil field.
There is no firm drilling commitment attached to the licence award.
The licensees in part blocks 98/13 and 98/14 are:
- NP Solent Ltd 62.5% (Operator)
- Magellan Petroleum (UK) Ltd 22.5%
- Encore Oil Plc 7.5%
- Montrose Industries Ltd 5.0%
- Oil & Gas Investments Ltd 2.5%
Derek Musgrove, Managing Director of Northern said:
“We are very pleased to have been offered part blocks 98/13 and 98/14. This allows the Joint Venture to evaluate the oil and gas potential of the mapped well defined prospect that extends from the Isle of Wight into the English Channel. This award is the result of competitive bids under the 26th Licensing Round.
Northern recognises that the prospect is in an Area of Outstanding Natural Beauty (AONB) and a Heritage Coast. At Northern we well understand the attendant challenges that are posed in conducting field operations in an environmentally safe and responsible manner. To date, Northern has an exemplary track record for its drilling operations, the most recent of which was Markwells Wood-1, completed in January 2011, which is currently undergoing flow testing operations in West Sussex."
In accordance with the AIM Rules – Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern, Mr Graham Heard CGeol FGS, who has over 30 years experience as a petroleum geologist.
