Orcadian Energy PLC (AIM:ORCA) has inked a farm-out deal with Carrick Resources for Licence P2320 which is host to the Carra prospect.
It is envisaged that Carrick will pay for new seismic data at Carra and work up the prospect to drill-ready status.
Carrick will earn a 50% interest in Carra in an unturn it will seek a separate farm-out deal to bring another new partner into the venture to join when it is a ‘drill-ready’ project.
"We are delighted to be co-operating with Carrick to make the most of the exploration potential of our acreage,” said Orcadian chief executive Steve Brown.
“Progressing Pilot and the prospects close to Pilot is our main focus and partnering with Carrick to develop a drill-ready prospect on Carra means we will leave no stone unturned in our strategy to maximise value from our assets."
Carra is located to the east of the Crinan and Dandy discoveries and to the south of Fyne.
It is estimated previously to potential host some 30mln barrels of recoverable prospective resources.