North Sea Energy and partners win new blocks in UK North Sea

Jan 06, 2012 12:00 AM

North Sea Energy has been notified by the UK Department of Energy and Climate Change (DECC) that it, together with its partners, has been awarded three new blocks in the UK North Sea in the 26th Seaward Licensing Round, namely the Norfolk prospect - block 12/16b (20 % interest), the Norfolk East lead - block 12/17b (20 % interest) and the Badger lead - block 12/30 (50 % interest).
NSE holds its interest in the Norfolk prospect and the Norfolk East lead through its wholly owned subsidiary, North Sea Energy (UK NO2). The Company's interest in the Badger lead is held through an additional wholly owned subsidiary, Echo Exploration.

Norfolk Prospect and Norfolk East Lead - 12/16b and 12/17b blocks are located in the Inner Moray Firth, a short distance from the Sutherland coast.
The Norfolk prospect is a large stratigraphic pinch out and dip closure with a Lower Cretaceous Hauterivian Sandstone reservoir with upside oil initially-in-place of 538.4 mm bbl at Norfolk and 193.6 mm bbl at Norfolk East.

NSE holds a 20 % interest in the Norfolk projects.
The Company's partners on both Norfolk and Norfolk East are First Oil Expro Limited (project operator), Nautical Petroleum and EnCore Oil. On October 5, 2011, Premier Oil announced a deal to purchase EnCore Oil.

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