Australian oil and gas explorer Talon Petroleum has completed its previously announced acquisition of EnCounter Oil.
The acquisition provides Talon with a 100% stake in EnCounter’s highly prospective exploration licences in the UK North Sea.
The assets include Licence 2363 Skymoos Prospect and Licence 2392 Rocket Prospect. The licences are estimated to host 107mmbo and 27mmbo, respectively (best estimate prospective resource).
Recently, Talon licenced additional high-quality 3D seismic data over both prospects. The company has also initiated a farm-out process to procure funding and technological support to drill these high-impact exploration targets.
In January 2019, Talon Petroleum signed a binding agreement to acquire 100% of the shares in EnCounter Oil in an all-stock transaction.
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EnCounter was established in 2012 as a private UK-based company by former EnCore Oil officials. Since its foundation, it acquired a small number of assets in the UK Central North Sea. In 2016, EnCounter successfully farmed out and drilled the Bagpuss heavy oil discovery.
As a part of the acquisition, EnCounter founder and UK North Sea exploration specialist Graham Dorè has joined the Talon Board as a non-executive director. EnCounter official Paul Young also joins Talon as a geoscience manager.
At the time of the announcement, Talon managing director Matthew Worner said: “The transaction with EnCounter Oil is a significant step forward in Talon’s UK North Sea strategy.
“Talon is extremely pleased to be executing this deal with EnCounter Oil, with the company acquiring both the highly-prospective Skymoos and Rocket prospects.”
Talon noted that the company will continue to work to bolster its UK North Sea exploration portfolio. It has also applied for an additional exploration licence in the UK Oil and Gas Authority’s 31st Seaward Licensing Round.