Agora to Drill 9 Wells in 2012 Campaign

The Stavanger-based oil company Agora Oil & Gas AS (“Agora”) has established a portfolio of 11 licenses in the North Sea Basin. Since Agora was founded 2 years ago the company has participated in 10 exploration and appraisal wells. A further 9 wells are planned in the 2012 drilling campaign, expected to commence at the end of February.

Of the 11 licenses in Agora’s portfolio, 6 are located on the UK Continental Shelf (UKCS) and 5 on the Norwegian Continental Shelf (NCS). 9 of these licenses have been acquired through farm-ins with near term drilling plans.

The UKCS licenses comprise P1430 (Agora interest 15%), P1482 (10%), P1632 (20%), P1633 (25%), P1680 (20%) and P1659 (19%). All UK licenses are owned by a 100% owned subsidiary, Agora Oil & Gas (UK) Limited. Agora’s initial 10 well drilling campaign met with considerable success, proving several separate hydrocarbon accumulations in P1430 (Catcher, Catcher East, Varadero and Burgman) and P1632 (Tybalt). The P1430 discoveries represent together one of the largest commercial oil accumulations discovered on the UKCS during the last 5 years and the partnership will most likely submit a Field Development Plan (FDP) towards the end of 2012.

On the NCS Agora has farmed into PL370 (30%) and PL418 (20%) in 2011. Both licenses are operated by Wintershall Norge. Early in 2012 Agora also farmed into PL299 (28.5%), which is operated by Talisman Norge. In the recent APA2011 Agora was awarded two licenses, PL630 (20%) and PL632 (40%), both operated by Statoil. Of the 9 wells to be drilled in 8 different licenses in 2012, 3 will be on the NCS.

The first well in the 2012 campaign is scheduled to start drilling late February and at the time of peak activity Agora may be participating in 3-4 simultaneous drilling operations.

Agora CEO, Svein Ilebekk says: “We are very satisfied with our diversified license portfolio in the North Sea Basin, comprising 6 and 5 licenses on the UKCS and NCS respectively. After the recent farm-in agreement on PL299 and APA2011 awards we have strengthened Agora’s position on the NCS. We are looking forward to see the result of this years drilling campaign. In parallel we are actively working to replenish and expand the portfolio in order to secure quality drilling opportunities in the years to come”

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Offshore Wind Staff , February  15, 2012; Image:  Agora