Advance Energy upbeat on North Sea licence awards
By Josh White
Date: Friday 04 Sep 2020
(Sharecast News) - Advance Energy announced on Friday that its wholly-owned subsidiary, Resolute Oil & Gas UK, and Holywell Resources, in which it has a 25% interest, have each been awarded a 50% working interest in block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 in the Oil and Gas Authority's (OGA) 32nd Offshore Licensing Round.
The AIM-traded firm said block 43/25 and part-blocks 43/29, 43/30, 48/4 and 48/5 contain undrilled gas prospects, and are located in the Southern North Sea, with the operator of the blocks being Holywell.
As a result, Advance Energy would hold a non-operated indirect 62.5% interest in the blocks.
The company would, while waiting for formal documentation from the OGA confirming the licence awards, review the technical information available on the blocks and seek to agree the next steps with Holywell.
"We are pleased to be awarded 62.5% indirect interests in these blocks in the OGA 32nd Licensing Round and we look forward to working with Holywell to assess their potential," said chief executive officer Leslie Peterkin.
At 1551 BST, shares in Advance Energy were up 8.57% at 0.19p.
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