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de France acquires additional Exploration & Appraisal Acreage
in the UK
Paris - April 2007
Gaz de France has announced that its UK subsidiary, GDF Britain Ltd, has purchased a package of interests in ten offshore licences from CGGVeritas, seven in the Central North Sea area and three in the West of Shetlands area of the UK Continental Shelf (UKCS).
The transferred licences include a 15% interest in an appraisal well operated by Maersk Oil planned for the second quarter of 2007 on the Ockley discovery in block 30/01d, and a 30% interest in an appraisal well operated by Venture Production Company on the Milburn discovery in block 22/22c, to be drilled later this year.
The other assets acquired include a 10% interest in the Handcross prospect in block 204/19c West of Shetlands plus two other licences in the area, 100% interest in three 23rd Round Licences and one wholly owned licence awarded in the recent 24th Round. A full list is given below.
"This acquisition adds significant potential to areas identified by Gaz de France as key to our expansion in the Central North Sea and West of Shetlands areas of the UKCS. These interests reinforce Gaz de France's ambition to target medium risk assets in the North Sea." said Mark Hughes, Managing Director of GDF Britain Ltd.
List of Acquired Interests
Stellar acted as advisors to CGGVeritas for the transaction.