Korean-owned exploration firm Hansa Hydrocarbons has farmed into Dana Petroleum’s Pharos exploration project in the southern North Sea.
Hansa will take a 15% stake in the field, which is due to have an exploration well drilled later this year.
The field, 50km northeast of Humberside, is part of the West Sole Area complex. Recent 3D seismic operations showed potential for a large gas find on the field, which will be explored in the new well.
“I am delighted to have reached agreement with Dana to participate in the Pharos well, one of the largest undrilled Leman structures remaining in the UK gas basin,” said Hansa chief executive John Martin.
“Participation in a near term high impact well, combined with a large acreage position which could deliver further attractive drilling targets, fits with the company’s long term growth objectives of delivering a congruent and well balanced portfolio across our area of focus.”
The deal will mean Dana’s interest as operator reduces to 35%, with Hansa, Dyas Exploration, MPX North Sea and Parkmead sharing the other stakes.
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