Two Seas Oil & Gas Ltd are pleased to announce that, in conjunction with co-venture partner GTO Ltd and subject to final government approval, they have reached agreement with Talisman Sinopec Energy UK Limited (TSE UK) for TSE UK to acquire their entire combined interests (100%) in Seaward Production Licence P1880 (Block 29/20a).
The Licence was originally granted to Two Seas and GTO on a 50:50% basis as a result of a successful application during the UKCS 26th Round. The block lies on the western margin of the Central Graben. At the time of application a Permian prospect was identified in the 29/20-1 well and only 8Km NW of the Talisman Sinopec operated Auk Field.
Commenting on the deal Two Seas’ Co-CEO Henry Charlampowicz said “We are very pleased to have satisfactorily agreed terms for the sale of this asset to Talisman Sinopec Energy UK. As operator of the Auk facilities they are optimally located to exploit efficiently the predicted oil accumulations on 29/20a and we wish them every success with taking the project forward”
Two Seas’ Co-CEO Jerry Chessell added: “Today’s announcement is another milestone for Two Seas and we would particularly like to thank our co-venturers at GTO for helping to bring this deal to a satisfactory conclusion. It is also another success for the DECC Promote Initiative and Two Seas will now focus on further enhancing our portfolio through additional applications for prospective acreage in the UK and elsewhere in NW Europe.”