The Aberdeen based production, development and exploration company, has also confirmed the completion of a sale and purchase agreement with Shell UK Limited, on 01 May 2018, for a minority interest of the acreage, 125 km north-west of Shetland.
Shell has acquired a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect). An exploration well is also planned on the nearby Blackrock prospect in 2019.
Details of the consideration are not being disclosed, but include a cost carry contribution on both the wells and any subsequently approved development on Cambo.
Cambo is a large basement high with sedimentary sequences draped over the top of the structure. The field contains at least 600 million barrels of oil in place.
Jonathan Roger, CEO of Siccar Point said: “We are pleased to have reached this important milestone on Cambo with work now underway on the final appraisal well.
The partnership with Shell brings further extensive subsurface and development experience, supporting the expertise of the Siccar Point team as we progress towards an anticipated field development next year.”
Licence Interests
| SPE E&P Ltd WI Pre-Deal | SPE E&P Ltd WI Post-Deal | Shell UK Ltd WI Pre-Deal | Shell UK Ltd WI Post-Deal | |
|---|---|---|---|---|
| P1028, P1189 | 100% | 70% | 0% | 30% |
| P1830 | 75% | 52.5% | 0% | 22.5% |
