Viaro Energy gains 100% working interest in West of Shetland exploration licence

Source Company Press Release
Company Viaro Energy Limited
Tags Country: United Kingdom, M&A: Deals, Licensing Round, Upstream: Drilling Activity, Upstream News
Date February 29, 2024

Highlights:

  • London-based independent upstream company Viaro Energy now has 100% working interest of Licence P.2593 in the West of Shetland through its operating subsidiary RockRose Energy;
  • Licence P.2593 includes the Tuck gas discovery and the Boulmer prospect, along with several other prospects and leads in the area;
  • RockRose Energy is now the licence administrator of P.2593 and is preparing to become licence operator.

Viaro Energy (“Viaro”), the independent British energy company operating in the UKCS North Sea and the Netherlands, is pleased to announce that it now holds 100% of licence P.2593 in the West of Shetland through its wholly owned subsidiary, RockRose Energy (“RockRose”) and is now licence administrator.

Licence P.2593 is an important addition to Viaro’s portfolio and is strategically placed close to RockRose-owned existing producing assets and infrastructure. The company is now evaluating existing plans and the most advantageous opportunities in the licence to progress to the next phase.

The licence includes the Tuck discovery, a Cretaceous gas-bearing reservoir, trapped on the North West flank of the Rona Ridge. The discovery is supported by an amplitude anomaly, which indicates thicker and better-quality reservoir sands, up dip and along strike from the discovery well.

In addition, the licence area holds several other prospects and leads, including the Boulmer prospect, a ‘drill-ready’ Devonian structure with up to 800m of Lower Clair sediments.

Francesco Mazzagatti, CEO of Viaro Energy, commented: “The West of Shetland continues to be a strategic hub for exploration opportunities, and the Tuck discovery could hold considerable resources. The licence’s proximity to our existing assets in the Greater Laggan Area offers important potential for extending the life of the infrastructure, including the Shetland Gas Plant. The work programme will also focus on exploring electrification and other technological innovations to reduce emissions in the area.”

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd