Oyster Petroleum has acquired interest in licences owned by Maersk Oil and Centrica in the North Sea.
The venture capital-backed explorer will acquire a 30% interest in licence P2132, covering blocks 16/11b and 16/16 in the South Viking Graben.
The transaction will be subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.
The P.2132 licence is operated by Maersk Oil North Sea UK, with Joint Venture partner Centrica Resources, and includes the Red Castle prospect where an exploration well is scheduled for the second half of 2015.
Richard Morgan, Chief Executive Officer of Oyster Petroleum, commented: “Following our recent licence awards in the UK 28th Round, this is a further positive step for Oyster Petroleum as we continue to build a high quality exploration programme.
“We are delighted to be working with Maersk Oil and Centrica as Red Castle moves towards drilling next year”.
Oyster was formed last year with $150million backing from Norwegain firn, HitecVision.
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