The Stavanger based oil Company Agora Oil & Gas says that the company is prequalified as a licensee and that the company has acquired the two first licenses on the Norwegian Continental Shelf. Agora has also applied for acreage in the annual license round, the APA 2010. Through its wholly owned subsidiary Agora Oil and Gas (UK) Limited the company will participate in the drilling of two to four exploration wells on the UK Continental Shelf during Q4 2010.

Agora started the prequalification process late last year and the company was approved as a licensee on the Norwegian Continental Shelf in August. After being prequalified the Norwegian Authorities have approved Agora's acquisition of interests in two licenses from Wintershall Norge ASA, PL 370 and 418, in which the Agora will have 30% and 20% equity respectively. Prospects in these licenses will be drilled during 2011/2012.

As announced earlier this year Agora has through its wholly owned subsidiary Agora Oil & Gas (UK) Limited, participated in the drilling of the Catcher prospect located in the central part of the UK North Sea. The Catcher prospect has shown to be one of the largest oil discoveries on the UK Continental Shelf during the last five years. The Catcher license partners have now decided to drill an additional two to four exploration wells on prospects adjacent to the Catcher discovery. The first well is, subject to a confirmed rig contract, to be spudded around October 1st, and the well results from the drilling campaign are expected end of the year. Agora has 15% equity in the license.

"Agora wants to be involved in both the Norwegian and UK Continental shelves. After five exploration wells leading to two assumed commercial discoveries in the UK, the prequalification gives us the opportunity to increase the focus on opportunities on the Norwegian Continental Shelf" says CEO in Agora Oil & Gas AS, Svein Ilebekk. "We still think there are attractive opportunities for oil and gas on the shelf and we would like to be involved in the exploration for these" says Ilebekk.

Tags: Agora Oil & Gas