Siccar Point Energy confirms Cambo well spud, Shell deal completion

ABERDEEN -- Siccar Point Energy has started drilling a final appraisal well on Cambo field, north-west of Shetland, with results expected this summer.

The Aberdeen based production, development and exploration company, has also confirmed the completion of a sale and purchase agreement with Shell UK Limited, on May 1, 2018, for a minority interest of the acreage, 125 km north-west of Shetland.

Shell has acquired a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect). An exploration well is also planned on the nearby Blackrock prospect in 2019. Details of the consideration are not being disclosed, but include a cost carry contribution on both the wells and any subsequently approved development on Cambo.

Cambo is a large basement high with sedimentary sequences draped over the top of the structure. The field contains at least 600 MMbbl of oil in place.