Zennor Petroleum has completed its UK North Sea acquisition.
The firm snapped up the interests in the Arran Discovery. Located in the East Central Graben, Arran is an undeveloped gas condensate discovery. Zennor now owns a 47% in the discovery.
Arran’s operator Dana Petroleum is currently working towards applying for field development consent.
Zennor’s buy-in is part of its strategy to build a diversified UK portfolio and the longer-term objective to deliver net production of over 10,000 barrels of oil equivalent per day from a resource base of more than 100 million barrels oil equivalent of 2P/2C.
Managing director Martin Rowe said: “This transaction represents another important step in the delivery of our North Sea-focussed strategy, and we are looking forward to working with the Arran Operator and Joint Venture Partners to enable a timely sanction of the Arran Project.”
Zennor purchased the interests for an undisclosed amount from Esso Exploration.