LONDON (Thomson Financial) - Island Oil & Gas Plc. said it has won the Q13b
exploration licence from the Dutch government, valid for five years.
"Our low entry cost ... creates a significant development upside from any
additional reserves increases, at a time of buoyant oil prices," said chief
executive Paul Griffiths.
The minister of economic affairs of the Netherlands awarded the licence to
Island Netherlands B.V., a wholly owned unit of Island Oil, and Aceiro Energy
B.V. Island, the designated operator, will hold a 100 percent working interest
in the licence.
Island Oil intends to split the licence into a shallow (oil) and deep (gas)
part, with Island Oil operating the shallow part with a 100 percent interest and
Cirrus Energy Nederland B.V. operating, on behalf of its partner Petro-Canada
Netherlands B.V., the deep part in which Island Oil will have no equity
interest.
The Q13b licence contains part of the Zaan Field which has up to 12.4
million barrels of gross oil in place.
TFN.newsdesk@thomson.com
jro/slm
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