Hansa Hydrocarbons Limited (Hansa) has entered into an agreement with Dana Petroleum (E&P) Limited (Dana), a wholly owned subsidiary of the Korea National Oil Corporation (KNOC), to acquire a 15% interest in the P.1566 (Blocks 47/4d & 47/5d) and P.1742 (Blocks 47/10c & 48/6c) licences (together the “Licences”) in the UK Southern North Sea. An exploration well targeting the Pharos prospect is due to be drilled on licence P.1566 later this year. Completion of the transfer is subject to the receipt of UK government and partner consent.

The Pharos prospect is located some 50km northeast of the Easington gas processing terminal, Humberside, and lies due west of the Hyde field, part of the prolific West Sole Area fields complex. Pharos has been long recognized as a robust structure on various seismic data sets, but recent reprocessing of 3D seismic by the operator followed by a series of independent depth conversions confirm that there is the potential for a significant gas accumulation in the Leman sandstones.

Tags: Hansa Hydrocarbons