Zennor Petroleum acquires interest in North Sea's Arran project

LONDON -- Zennor Petroleum Limited has announced that on June 30, 2017, its subsidiary, Zennor North Sea Limited, completed the acquisition of interests in and under United Kingdom Petroleum Production Licence P359.

These interests comprise 1) a 40.0002% working interest in Block 23/16b Area A (Arran North); and 2) a 66.667% working interest in Block 23/16a Area B (Arran South); and such interests together comprise a 47.35664% unitized interest in the unit area covering the Arran discovery, which is intended to be delineated as Arran field (the Interests). The Interests were acquired from Esso Exploration and Production UK Limited for an undisclosed consideration.

The Arran discovery, located in the East Central Graben is an undeveloped gas condensate discovery. The Arran operator, Dana Petroleum (E&P) Limited is currently working towards applying for field development consent. This acquisition supports Zennor’s strategy of building a diversified UK portfolio and the longer-term objective to deliver net production of over 10,000 boed from a resource base of more than 100 MMboe of 2P/2C.