Partners in the northern North Sea Aragon prospect have farmed down their interests in a move that will see it drilled before the end of the first quarter of 2015.
MPX North Sea, Bridge Energy and Sorgenia E&P between them had 50%, 30% and 20% stakes in the licence, respectively.
Each has farmed out part of their stakes to Cairn Energy subsidiary Agora Oil & Gas and JX Nippon, who will get 30% and 25% respectively.
The new partners said they had agreed to drill an exploration well on the prospect, which is in a drill-or-drop licence.
If approved, the deal will leave Bridge with 13.5% in the licence, MPX North Sea, the operator, with 22.5%, and Sorgenia E&P the remaining 9%.