United Oil and Gas is celebrating the award of two North Sea blocks, one of which includes a discovery containing up to 16 million barrels of oil.
London-listed United said ConocoPhillips hit oil a Crown in the central North Sea in 1998 and potential farm-in partners have already registered their interest.
United chief executive Brian Larkin said: “A number of factors including the existing multi-million barrel oil discovery, multiple leads and targets, an excellent location close to substantial oil fields, and the attractive cost profile of exploration and production in the North Sea all culminate to position these licences as compelling investment opportunities.
“Confirmation of the award enables us to pursue farm-out discussions with potential partners with whom we can work to take these licences forward.”
