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Oyster Petroleum farms in to licences West of Shetlands, UK

Oyster Petroleum Ltd announced the agreed acquisition of a package of licence interests located in the West of Shetlands basin from Ithaca Energy.

The transaction will see Oyster acquire a 9% interest in UK licences P.1631 and P.1832, covering blocks 204/14c, 204/18b and 204/19c, where an exploration well on the Handcross prospect targeting 150 mm bbl reserves is due to be drilled at the end of the year.

Under the terms of the deal, which is subject to regulatory approvals and DECC consent, Oyster will also acquire Ithaca’s 33% interest in West of Shetlands licence P.2018, covering blocks 214/24b, 214, 29a and 214/30c and including the Ainslie prospect. The licence is operated by RWE Dea UK SNS Limited.