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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.