Norwegian exploration firm Agora Oil and Gas said today it would be taking part in nine wells on the UK and Norwegian continental shelves in 2012.
The Stavanger-based firm, founded two years ago with backing from Lord Rothschild, has shares in 11 licences in the North Sea, six in the UK and five off Norway.
Nine of them were acquired through farm-ins and have near-term drilling plans, with the first due to start in late February.
Agora said six of the planned wells were in the UK.
Its UK assets, in which it has equity of 10-25%, are Premier Oil-operated P1430 containing the Catcher discovery, Serica Energy-operated P1482 in the east Irish Sea, Valiant Exploration-operated P1632 containing the Tybalt discovery, MPX North Sea-operated P1633, Sterling Resources-operated P1680 containing Cladhan and Carrizo Oil and Gas-operated P1659 containing the Bardolph prospect.
Agora said: “The P1430 discoveries represent together one of the largest commercial oil accumulations discovered on the UKCS (UK continental shelf) during the last five years and the partnership will most likely submit a field development plan towards the end of 2012.”
Svein Ilebekk, the firm’s chief executive, added: “We are very satisfied with our diversified licence portfolio in the North Sea.
“After the recent farm-in agreement on PL299 and APA2011 awards we have strengthened Agora’s position on the NCS (Norwegian continental shelf.
“We are looking forward to see the result of this year’s drilling campaign.
“In parallel, we are actively working to replenish and expand the portfolio in order to secure quality drilling opportunities in the years to come.”
Agora said it had taken part in 10 exploration and appraisal wells since starting up in 2009.
The firm got backing from RIT Capital Partners and Lord Rothschild’s family interests in 2009 to spend up to £126million on North Sea drilling.
Recommended for you
