Canadian exploration firm North Sea Energy has agreed a deal to farm out a 25% stake in the Bagpuss prospect in the Moray Firth to Maersk.
The Danish giant, which saw its oil profits fall today, will take the working interest in the field in exchange for taking on the costs of drilling the first exploration well on the site.
Maersk will also carry 50% of North Sea’s costs on an appraisal well should one be drilled, with the initial will expected to spud in 2014.
“We are very excited to have successfully farmed-out the Bagpuss Prospect to a world-class partner in Maersk Oil for the initial exploration and appraisal of the prospect,” stated North Sea chief executive Craig Anderson.
The Halibut Horst site, which North Sea will retain a 15% stake in, is also partnered with EnCounter Oil and Groliffe.
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