Independent oil and gas company Zennor Petroleum has completed the acquisition of interests in Production Licence P359 offshore the UK.
Zennor said on Monday that the acquisition was completed by subsidiary Zennor North Sea Limited on June 30, 2017.
These interests comprise of a 40.0002% working interest in Block 23/16b Area A (Arran North) and a 66.667% working interest in Block 23/16a Area B (Arran South).
Together, they comprise a 47.35664% unitized interest in the unit area covering the Arran discovery, which is intended to be delineated as the Arran field. The interests were acquired from Esso Exploration and Production UK Limited for an undisclosed consideration.
The Arran discovery, located in the East Central Graben is an undeveloped gas condensate discovery. The operator of the discovery, Dana Petroleum, is currently working towards applying for field development consent.
Zennor added that this acquisition supported its strategy of building a diversified UK portfolio and the longer-term objective to deliver net production of over 10,000 barrels of oil equivalent per day from a resource base of more than 100 million barrels of oil equivalent of 2P/2C.
Martin Rowe , managing director of Zennor, said: “This transaction represents another important step in the delivery of our North Sea-focussed strategy, and we are looking forward to working with the Arran operator and joint venture partners to enable a timely sanction of the Arran Project.”