New-start Norwegian explorer Origo Exploration has been busy in recent weeks and has done three farm-in deals covering two licences on the UKCS and two on the NCS.
And Origo will now be involved in three exploration wells, one in the UK and two in Norway. The company will also participate in a 500 sq km 3D seismic acquisition programme West of Shetland this year.
Origo is financed by major international investors BNRI, Riverstone and Temasek which have together committed US $525mn to pursue Origo’s exploration-led strategy.
The company has signed an agreement to acquire 25% of licenses P2074 and P1932 from operator Chrysaor, in UK waters West of Shetland.
P2074 containing the Mustard prospect and P1932 are located close to the Solan (31/20) field. An exploration well will be drilled on Mustard this summer, while a 500 sq km 3D seismic survey will be acquired in P1932.
On the NCS, Origo has signed agreements with Statoil and ExxonMobil to take a 30% stake in PL072D/PL072E/PL072F.
The licence is planning to drill an exploration well on the Knappen prospect, located east of the Sleipner Field. Following the transaction the licence owners are Statoil (operator and 40%), ExxonMobil (30%) and Origo (30%).
Origo has also recently signed an agreement with Wintershall to acquire a 15% interest in PL378, where an exploration well has recently been spudded on the Crossbill prospect. The well result is expected in June.
Crossbill is located in the North Sea adjacent to the Skarfjell and Grosbeak discoveries. Following the transaction the licence owners are Wintershall (operator and 30%), Talisman (17.5%), Capricorn Norge (20%), Explora Petroleum (17.5%) and Origo (15%).
Origo CEO Svein Ilebekk said, 'In the current market with lower oil prices compared to previous years, we are seeing multiple attractive opportunities in both the UK and Norway for well financed exploration companies, exceeding our initial expectations.
'Our target is to participate in up to five exploration wells each year over the next five years, and having already secured three wells at this stage of 2015, we are pleased with our progress.'
Since its start-up in late August 2014, Origo has built a team of 20 experienced professionals, including 15 geoscientists. Earlier this year Origo qualified to hold exploration licences in both Norway and the UK.
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