Siccar Point Energy farms out West of Shetlands Lyon Prospect to Ineos
Wednesday, Nov 22, 2017
Siccar Point Energy E&P Limited (SPE) is pleased to announce that it has entered into a farmout agreement with Ineos UK SNS Limited (Ineos) covering two exploration licences (P.1854 and P.1935) in the West of Shetlands area, containing the significant Lyon prospect.

Completion of the transaction remains subject to customary regulatory consents.

Siccar Point Energy’s CEO Jonathan Roger commented “As licence operator we are excited to be moving forward in conjunction with Ineos to drill the Lyon prospect. This represents an opportunity to unlock the material gas potential of the most northerly licenced area of the UKCS. We look forward to working with Ineos in this new exploration partnership and to operating our first exploration well.”

Geir Tuft INEOS Oil & Gas CEO said “INEOS intends to become a significant player in this area. This deal confirms our aim to take a leading role to develop the Northern Gas Fields using the significant infrastructure investments already made West of Shetland.”

“With the purchase of the DONG E&P business earlier in the year, INEOS took over a significant portfolio of producing assets and discoveries West of Shetland. It is clear that the Northern Gas Area holds further opportunities that could help unlock the development of those discoveries. The deal with Siccar complements our assets.”

For more information, please visit: http://www.siccarpointenergy.co.uk
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