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North Sea Ventures acquires P234 UK Block 14/20c containing the Lowlander Field from Nexen.

UK North Sea

October 2012

Nexen Petroleum U.K. Limited has reached an agreement with North Sea Ventures to sell its 50% stake in P234, Block 14/20c containing the Lowlander Field in return for an undisclosed cash suml. The initial Lowlander discovery was drilled in 1987 when oil was discovered in the 14/20b-17 well. Five appraisal wells were drilled from 1988-91, and several DSTs were run. All flowed good quality (38-40 deg API), low viscosity oil with H2S up to 24,000ppm and CO2 content of approximately 15%. The reservoir is the Upper Jurassic Piper formation. The Lowlander Field is located approximately 185 km northeast of Aberdeen, equidistant from the Claymore and Tartan Fields, which are located 10 km to the west and southeast respectively. Water depths average 134 m.

Stellar acted as advisors to Nexen.