Oil firm North Sea Energy (NSE) said today Premier Oil was to take a 50% stake in a UK offshore exploration licence containing the Badger prospect.
The move follows a two-year-old agreement between NSE subsidiary Echo Exploration and Encore Oil, now owned by Premier, giving Encore the option to take 50% of Badger.
NSE is focused on UK exploration and production but is listed on the Toronto Stock Exchange.
It secured the licence containing Badger, in the Inner Moray Firth, in the 26th licensing round. The deal with Premier is subject to regulatory approval.