Dublin-based independent, Island Oil & Gas, has struck a farm-in agreement and license-developmen alliance with Supernova Energy, a business of Bluewater Group in the Netherlands, another “promote” type alliance in the North Sea periphery.
"Island has again continued its successful track-record of forming industry alliances with major players in their own field,” company chief exec, Paul Griffiths said in a statement.
“As a specialist in the operation of floating production systems, Bluewater are an ideal partner in the Porcupine Basin,” Griffiths continued, adding the companies aim to jointly tackle key Atlantic Margin projects.
The deal first concerns exploration license 1/04, off the west coast of Ireland, where 61.5-percent operator Island has agreed to let Bluewater assume a 10 percent stake in exchange for the Dutch buying £2.25 million ($4.6 million) in Island shares.
The Connemara Field and several prospects are at the heart of the deal, which comes with an option to do it all again by year-end. Bluewater will help develop the field.
Island and Bluewater will also form a joint venture to apply for blocks in the upcoming South Porcupine Licensing round, in which the oil company will have 51-percent control.
Via: OilGas24
