Petoro has exited licences PL018 C & DS, assigning its 5% interest to Petrolia effective 30 November 2018. Petrolia acquired its initial 6.654% interest from exiting Equinor (previously Statoil), on 31 October 2018. PL018 C & DS cover the same area (24 sq km) in block 1/5 but are split stratigraphically. PL018 DS applies to levels between top of the Early Paleocene Ekofisk formation and down to the base of Late Cretaceous Hidra Formation. PL018 C contains the cross border Total-operated Flyndre oil field which mainly (93%) lies on the UK continental shelf (UKCS), however Petoro has retained its 0.354% share in the Flyndre Business Unit. Flyndre was discovered in the Norwegian sector by 1/5-2 (1974, Phillips, 4,287m), within Palaeocene Balmoral sands with a secondary Late Cretaceous Tor Formation chalk reservoir, and production commenced on 26 March 2017. Reserves are likely to be in the order of 10 MMboe recoverable and oil production is tied-back to the Clyde platform (24km SW) and liquids via the Fulmar platform (30km SW), both on the UKCS. Total gained its stake when it acquired Maersk on 14 May 2018. PL018 DS was awarded on 29 November 2011 in the production phase and partners are Total E&P Norge AS (60.008% + Op), Skeie Energy subsidiary Production Energy Company AS (15%), Aker BP (13.338%) and Petrolia NOCO AS (11.654%). PL018 C was awarded on 20 December 2002 in the production phase and partners are Total (88.346% + Op) and Petrolia (11.654%). Flyndre Unit participants are Total (72.196%), Repsol Sinopec (26.979%), Petrolia (0.471%) and Petoro (0.354%).
Petoro has exited licences PL018 C & DS, assigning its 5% interest to Petrolia effective 30 November 2018. Petrolia acquired its initial 6.654% interest from exiting Equinor (previously Statoil), on 31 October 2018. PL018 C & DS cover the same area (24 sq km) in block 1/5 but are split stratigraphically. 