United Oil and Gas Plc (United) has agreed an option to farm-in to block 49/29c (P2264) which contains the Acle prospect in the Southern North Sea. The company will acquire a total of 24% interest in the acreage from Swift Exploration Limited and Stelinmatvic Industries Ltd (12% from each) which currently hold 50% each in the acreage. In return for the interest United will pay 30% of the first exploration well on the prospect. The well has an estimated cost of USD 10 million. Execution of this option is dependent on further partners coming into the licence and a drilling commitment for the well. On 30 November 2018 Swift relinquished blocks 49/30b and 50/26a which are also part of P2264. Therefore, one block remains in the licence in which the Acle prospect sits.  The Acle prospect is thought to hold gross recoverable resources of 50 Bcf to 160 Bcf and is located to the west of the Davy North gas field. Acle is thought to be a 2.5 sq km four-way dip closure with a further fault bounded upside. The reservoir is the Permian Rotliegendes formation as is common with most of the producing fields in the area. If an exploration campaign was successful then development could be via the Sean fields to the north of the prospect. Two wells have been drilled in the area which were both dry but these were believed to be off structure.   Following the execution of the option along with other partners farming in to the acreage to drill a well, United Oil and Gas Plc will hold a 24% interest. Swift Exploration Limited and Stelinmatvic Industries Ltd interests would potentially change due to further farm-in partners.
United Oil and Gas Plc (United) has agreed an option to farm-in to block 49/29c (P2264) which contains the Acle prospect in the Southern North Sea. The company will acquire a total of 24% interest in the acreage from Swift Exploration Limited and Stelinmatvic Industries Ltd (12% from each) which currently hold 50% each in the acreage. In return for the interest United will pay 30% of the first exploration well on the prospect. 