Cairn Energy Plc subsidiary Capricorn Ireland Limited has agreed to acquire a 30% interest in the Frontier Exploration Licence (FEL) 2/14 (Druid and Drombeg Prospects), located south-west of the Irish coast, from Providence Resources plc and Sosina Exploration Limited.
Under the farm-in agreement, Capricorn will be responsible to pay 45% of drilling costs for the 53/6-A exploration well in 2017 and $44.82m to reimburse expenditure incurred by Providence and Sosina in the licence on a pro-rata basis.
The FEL 2/14 lies in a water depth of approximately 2,250m in the southern Porcupine Basin.
Upon completion of the transaction, the FEL 2/14 will be owned by Providence (56% and operator), Capricorn (30%) and Sosina (14%).
The transaction will allow Capricorn Ireland to expand its assets base in Ireland.
Eni SpA has agreed to buy 50% working interest in Block 11 offshore Cyprus from Total S.A.
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Block 11 spans an area of 2,215km². Upon completion of the transaction, the field will be owned by Eni (50%) and Total (50%, operator).
The deal will allow Eni to expand its exploration portfolio in the Eastern Mediterranean Sea.
Europa Oil & Gas (Holdings) plc has agreed to sell a 70% stake in Licensing Option 16/19 (LO 16/19) on the Western flank of the South Porcupine Basin, offshore Ireland, in another deal this week for Capricorn Ireland Limited.
Under the farm-out agreement (FoA), Capricorn Ireland will pay $6m for the acquisition, processing and interpretation of 3D seismic to earn the stake in LO 16/19.
LO 16/19 covers 976km² with gross mean unrisked prospective resources ranging from 300Mboe to 1,000Mboe.
LO 16/19 will be owned by Capricorn Ireland (70%, operator) and Europa Oil & Gas (30%), upon completion of the transaction.
The deal will allow Capricorn Ireland to further extend its oil and gas assets portfolio in south Porcupine Basin, offshore Ireland.