OKEA has farmed out 15% from its previous 70% stake in the Grevling licence PL038 D to Chrysaor for an undisclosed consideration, with a further 20% option for Chrysaor to potentially increase its share to 35%. The deal was completed on 29 October 2018, after it was first announced on 26th March 2018. PL038 D covers 32.7 sq km over the N of North Sea block 15/12, 6km S of Gungne and 15km N of Varg fields. It was partitioned from 3rd Round award PL038 on 15 May 2009 to capacitate evaluation of Grevling oil discovery made by 15/12-21 (2009, Talisman, 3,310m) in Middle Jurassic Hugin and Sleipner Formations and Late Triassic Skagerrak Formation. The Talisman operated partnership sidetracked the discovery well and drilled a further appraisal and sidetrack 1km to the S & SW, all achieving Sleipner and Skaggerak success with estimated recoverable resources of 37 to 95 MMboe. Repsol acquired Talisman in 2015 but exited Grevling in July 2017 when it transferred its 40% operator share to OKEA. The partners plan to finalise the development concept in Q4 2018 with an option being to export hydrocarbons via nearby Chrysaor-operated UK sector Armada platform. Revised PL038 D licence partners are OKEA AS (55% + Op), Petoro AS (30%), and Chrysaor Norge AS (15%).<P />
Norway, PL 038