Considerable interest is being shown in United Oil and Gas’s Crown discovery in the central North Sea, the company said.
A first competent person’s report (CPR) compiled for Crown, by ERC Equipoise, estimates the could hold 6.35 million stock tank barrels of oil.
London-listed United said “a farm out process to seek other industry partners to move the Crown discovery forward is already underway, and has seen considerable interest within the industry”.
It said the CPR estimates were conservative, but would be invaluable as they “provide necessary data to give greater certainty to potential investors”.
Crown, in the central North Sea, was discovered in the 1990s by ConocoPhillips and it is believed it was considered too small to develop.
However United believes that has changed with significant strides in technology development in the years since.
The company was awarded crown in the 3oth licensing round.