International oil and gas exploration and production company Elixir Petroleum (ASX:EXR) has been provisionally awarded the Southern part of Block 30/25, following the announcement of the results of the UKCS 26th Seaward Licensing Round.
Block 30/25 is located in the Eastern margin of the Central UK North Sea and is adjacent to the now abandoned Ardmore field (formerly named Argyll), which was the first offshore oil production in the UK producing almost 80 million barrels of oil.
Block 30/25 has been offered by way of a promote licence to Elixir as operator and 100% interest holder.
Andrew Ross, managing director, said “we are very pleased by the offer of this licence which complements and builds on our position in the UK North Sea."
"The Block contains several prospects which have been mapped on existing 2D seismic data. If successful, these prospects could have the potential to create significant
shareholder value. We look forward to providing further details on the prospects to the market in the coming weeks.”
The award of Block 30/25 is subject to the finalisation of usual regulatory approvals.
EXR has a market capitalisation of 15.12 million and had 4.12 million cash at the end of the September quarter.