Siccar Point Energy E&P has closed the previously announced farm‐out deal over the Lyon exploration well in the UK Continental Shelf with Ineos UK SNS.

Last month, Siccar and Ineos signed the agreement covering two exploration licences, P.1854 and P.1935, in the West of Shetlands area.

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The company has also signed a contract extension with North Atlantic Drilling to drill the Lyon well in licence P.1854.

“2018 is shaping up to be a significant year for our business.”

The contract involves the North Atlantic Drilling’s West Hercules semi‐submersible to undertake the drilling exercise immediately after the Cambo appraisal well in 2018.

Siccar Point Energy CEO Jonathan Roger said: “We are delighted to be extending our relationship with North Atlantic Drilling, which will allow our company, along with our new partner Ineos, to accelerate the drilling of the high-impact West of Shetland Lyon exploration well into 2018.

“It is a testament to all the parties involved, including the OGA who were extremely supportive in expediting approvals that we have completed the deal and simultaneously committed to the rig contract within a few weeks of signing the farm‐in deal. 2018 is shaping up to be a significant year for our business.”

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As a result of the farm-out deal, Ineos has a 66.66% interest in each of the licence interests, with Siccar Point retaining a 33.33% interest.

Through the deal, Ineos aims to strengthen its position in the area with the potential to develop the Northern gas fields.

Earlier this year, the company acquired DONG E&P, providing it with a portfolio of producing assets and discoveries in the West of Shetland region.