K2 Farmout

Source Press Release
Company Sumitomo CorporationKorea National Oil Corporation 
Tags Asset Deals, Deals, Upstream Activities
Date August 12, 2021

Summit Exploration and Production Limited (Summit) announces the farmout of UK Central North Sea Licence P.2382 (Block 22/14c) to Dana Petroleum E&P Limited (Dana). Licence P.2382 contains the K2 prospect a low-risk, gas, exploration target that is within close proximity to established infrastructure. Regulatory approvals for the farmout have already been received from the OGA, where Dana will acquire a 50% working interest in Licence P.2382 with Summit retaining 50% along with operatorship. The new joint venture will now be working towards making a decision to drill the K2 prospect as soon as practicable.

Summit’s application for the K2 prospect in the UK’s 30th licence round and the farmout to Dana marks the culmination of four year’s work to evaluate the prospectivity using the latest available technologies and seismic.

Summit’s CEO, John Austin, commented:

“It’s a pleasure to welcome Dana onto the P.2382 licence and we look forward to a constructive new joint venture.  It is particularly pleasing that it has been possible to conduct our business dealings entirely remotely in the somewhat difficult circumstances of lockdown.  As a gas prospect, which is likely to link into the planned decarbonisation hubs on the east coast of the UK, K2 is consistent with Summit’s approach to shift to gas and ultimately decarbonise its energy business in the UK”.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd