Australian oil and gas digger Talon Petroleum has accomplished its previously introduced acquisition of EnCounter Oil. The purchase offers Talon with a 100% stake in EnCounter’s prospective exploration licenses in Britain North Sea.
The belongings include Licence 2363 Skymoos Prospect and Licence 2392 Rocket Prospect. The licenses are estimated to host 107mmbo and 27mmbo, respectively.
Lately, Talon licensed further high-quality 3D seismic information over both prospects. The corporate has additionally initiated a farm-out process to obtain funding and technological help to drill these high-impact exploration targets. In January 2019, Talon Petroleum signed a binding settlement to receive 100% stakes in EnCounter Oil.
The EnCounter was incorporated in 2012 as a non-public UK-based firm by former EnCore Oil officers. Since its formation, it acquired a small variety of assets within the UK Central North Sea. In 2016, EnCounter efficiently farmed out and drilled the Bagpuss massive oil discovery.
As part of the deal, EnCounter founder and Britain North Sea exploration specialist Graham Dorè has met with the Talon Board as a non-executive director. EnCounter representative Paul Younger additionally joins Talon as a geoscience supervisor.
During the announcement, Talon managing director Matthew Worner mentioned: “The transaction with EnCounter Oil is a significant step ahead in Talon’s UK North Sea technique.
“Talon is extremely happy to be executing this agreement with EnCounter Oil, with the corporate buying both the highly-potential Skymoos and Rocket prospects.”
Talon observed that the corporate would proceed to work to strengthen its UK North Sea exploration portfolio. It has also applied for a further exploration license within the UK Oil and Gas Authority’s 31st Seaward Licensing Round.