Oil and gas explorer Nautical Petroleum said today it had entered into an agreement with First Oil Expro to buy a 25% stake in a North Sea block containing the Hydra prospect.
Nautical was previously the operator of the block, which lies east of Shetland, and has now exercised a farm-in option.
The deal is subject to due diligence and approval by the Department of Energy and Climate Change.
Steve Jenkins, Nautical’s chief executive, said: “We are delighted to be returning to this block. We have extensive knowledge of it and look forward to further investigating, with First Oil Expro, its prospectivity.”