RWE Dea Completes Farm-In to Two Licences

RWE Dea, Germany’s oil and gas exploration and production company, has completed its farm-in to Licences P1631 and P1832. The first well is planned to spud in autumn 2013.

The farm-in will allow the company to participate in the drilling of the Handcross prospect in the UK Continental Shelf (UKCS), West of Shetland.

“Handcross fits perfectly into our expanding portfolio of North Sea and West of Shetland assets,” explains René Pawel, Managing Director of RWE Dea UK. The licence area builds upon Licence P2018, which RWE Dea has been offered in the UKCS 27th Offshore Licensing Round. “The Handcross well is planned to spud in the autumn with the Stena Carron rig, and we are looking forward to have the well results most likely by the end of this year,” says Pawel.

RWE Dea has acquired a 20% equity from Valiant Causeway Limited in part of blocks 204/14c, 204/18b and 204/19c. Handcross is a Palaeocene prospect located in the Judd Basin in the UKCS West of Shetland with an estimated volume of about 115 million barrels of oil equivalent (MMboe). Valiant Causeway will retain operatorship.

The farm-in agreement with Valiant will be effective as of November 2012.

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Press Release, April 23, 2013