Horizon Energy Partners has been given the regulatory green light to drill its high-impact Dabinett prospect in the UK North Sea, but has pushed the timeline to 2025.
The North Sea Transition Authority (NSTA) has approved Horizon as licence operator for P2558 containing Dabinett.
It means the licence will move to a three-year “Phase C” period in December, during which time it will be drilled.
Horizon said the Southern North Sea well will now be drilled in “early 2025”, pushing the timeline from 2024 mooted by MD Stephen Brumner in September.
Dabinett contains a total prospective resource of 200 million barrels of oil equivalent, according to independent estimates from ERCE.
That same estimate put chances of success at 30%.
Horizon is finalising acquisition of 12.5% in the licence not currently held by it.
Meanwhile, it is “open to third party participation through either a farm-in transaction or equity investment into HEPL and affiliated company”.
The firm said: “Horizon is planning to drill the well in early 2025. A successful discovery and development will enhance UK energy security and provide substantial tax revenues to the UK government.”