Orcadian progresses North Sea farm-out deal
Orcadian Energy announced on October 11 it had agreed terms to farm out a 50% interest in licence P2320 in the UK North Sea to fellow UK junior Carrick Resources.
The pair have signed a non-binding heads of terms sheet, under which they will aim to reach a formal agreement on the farm-out by the end of the year. Carrick is set to receive its 50% interest in exchange for purchasing new seismic data on the Carra prospect, in order to take the project to "drill-ready status." A further farm-out process is then envisaged.
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Orcadian currently operates P2320 with a 100% interest.
Carra lies to the east of the Crinan and Dandy oil and gas discoveries and to the south of Fyne. It has previously been estimated to hold 30mn barrels of P50 recoverable prospective oil.