Agora Oil & Gas says that its fully owned subsidiary Agora Oil & Gas (UK) Limited has signed two farm-in agreements to participate in near-term exploration drilling on the UK Continental Shelf.

An agreement has been reached with Premier Oil UK Limited, whereby Agora will earn a 15% interest in Licence P1430 (Central North Sea, Blocks 28/9, 28/10c). A well targeting the “Catcher” Prospect will be drilled during Q2 2010. Furthermore, Agora has agreed to assume 20% of Valiant Petroleum plc’s equity in P1632 (Northern North Sea, Blocks 211/8c and 211/13c), securing participation in the ongoing drilling operation to test the “Tybalt” Prospect. The well on the “Tybalt” Prospect was spudded April 13th. The P1430 agreement is subject to UK Government approval.

Agora CEO Svein Ilebekk said “we are very pleased to have secured entry to these licences, which together with the previously announced well to test the “Conan” Prospect in the East Irish Sea, provide Agora with an exciting near-term drilling programme. Our aim is to balance these relatively modest equity positions in UK projects with exposure to higher volume potential prospects on the Norwegian Continental Shelf (NCS). To enable us to start activity on the NCS we will need to be prequalified as a licence holder and the process is ongoing”.

Tags: Agora Oil & Gas