London-listed minnow Baron Oil has struck a deal to increase its stake in what it describes as one of the UK North Seaโs few remaining sizeable undrilled targets.
London-listed upstream investor Reabold Resources has agreed to loan North Sea oil firm Corallian Energy ยฃ1 million, subject to shareholder approvals.
UK firm Corallian has entered into an exclusivity period with a โlarge European E&P companyโ which is interest in its 174 million barrel Dunrobin prospect.
Exploration activity in the UK North Sea has picked up substantially since last year, but the success rate has โfallen off a cliffโ, an analyst has said.
InfraStrata has confirmed a company structure shake-up as it divests the majority its exploration-based assets in a bid to refocus on its gas storage project in Northern Ireland.