North Sea Energy said Premier Oil have informed the Bagpuss Joint Venture of its plans to resign as operator of the licence by the end of the year.
Premier are also said to have agreed in principle to sell their 40.1% working interest in the Bagpuss Joint Venture to Reach Halibut subject to approval from partners and the Oil and Gas Authority (OGA).
They said they will work with the new operator to assure a smooth transfer of responsibilities.
In August, Premier Oil revealed it had made a “significant” discovery at the Bagpuss prospect.
The company said well 13/25-1, on the Halibut Horst in the Outer Moray Firth, reached a total depth of 1,532 feet (TVDSS) in granite basement.
In a statement the firm said the well encountered 41 feet of hydrocarbon-bearing sands within a 68 foot hydrocarbon column.
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