Energy giant Shell has acquired a non-operated working interest in Siccar Point Energy’s Greater Cambo Area licenses in the North Sea.
The deal sees Shell acquire a 30% stake in the P1028 and P1189 licences, which includes the Cambo discovery.
It also takes a 22.5% interest in the Blackrock prospect, with both being located around 78 miles north-west of Shetland.
Siccar says completion of the transaction remains subject to approval.
Jonathan Roger, CEO at Siccar Point, said “We are pleased that Shell has agreed to join us as a partner in this exciting project.
“Shell brings a wealth of relevant expertise and their interest is testament to the potential of the Greater Cambo Area and the quality of the work carried out by the Siccar Point team.”
A final appraisal well is set to be drilled in the Cambo discovery later this year, with Siccar estimating 100 million recoverable barrels of oil.
An exploration well is planned on the Blackrock prospect next year.
Financial details of the sale have not been disclosed, however Siccar says it includes a cost-carrying consideration on both wells, and on any subsequently approved on Cambo.