Siccar Point Energy E&P (SPE) has signed an agreement to sell its 26% equity interest in the Jackdaw discovery to Dyas UK.

The transaction comprises three production licences covering the Jackdaw field, which is located in the Central North Sea area 250km east of Aberdeen and 10km north-east of Jade field.

A full field development of the asset is expected to produce more than 100 million barrels of oil equivalent.

Siccar Point Energy E&P CEO Jonathan Roger said: “As Jackdaw operator Shell has carried out some excellent work in progressing this opportunity. However, with an exciting programme of exploration, appraisal and development activity in our West of Shetland portfolio, we have chosen to focus our resources in this core area and monetise our Jackdaw interest.”

“Jackdaw will provide Dyas with the opportunity to join Shell in developing this exciting gas‐condensate field and bringing more UK gas into our portfolio.”

The company acquired the 26% on-operated interest in the field as a result of the takeover of OMV (UK) in January.

The field’s overall structure is divided up into several fault compartments and understood to be a gas/condensate accumulation in Jurassic sandstones.

Dyas UK CEO Robert Baurdoux said: “With our Catcher and Mariner developments nearing first production, Jackdaw will provide Dyas with the opportunity to join Shell in developing this exciting gas‐condensate field and bringing more UK gas into our portfolio.”

Closure of the deal is conditional on regulatory and partner approvals.