document: Sumitomo subsidiary Summit Exploration and Production has become 100% operator of P2382, with the exit of Ping Petroleum (25% stake), effective by 25 June 2020. P2382 covers 181 sq km of block 22/14c and was awarded on 1 October 2018 in the 30th Seaward Licensing Round. The licence has a firm obligation to reprocess 3D seismic data during the initial term, followed by a drill or drop decision on 30 September 2022. The acreage contains several low risk Palaeocene exploration prospects in the prolific Forties Palaeocene sandstone on trend with Huntington (adjacent W) and Everest (adjacent NE) fields which could be tied back to nearby existing infrastructure. The acreage contains two minor Triassic oil discoveries, 22/14b- 3 (1989, Shell, 4,194m), and Mallory 22/14a- 7 (2008, BG, 4,073m), whilst a third NFW had oil shows only, 22/14- 1 (1974, Conoco, 4,176m). Ping Petroleum farmed out 25% from its previous 50% stake in P2382 to Summit on 21 March 2019. P2382 is now 100% operated by Summit Exploration and Production Ltd (Sumitomo). Summit was previously, and likely still is, farming out 25-40% in the licence.
summary: United Kingdom (Central Graben Province) P2382 op. by SUMITOMO (75%), PING PT (25%)