Crawford and Porter Developments Farm-Out Agreement
10 May 2011
Fairfield Energy Limited, the independent oil & gas exploration, development and production group, is pleased to announce that it has agreed to farm-out 32% of its interest in UKCS Block 9/28a – Area B, which contains the Crawford oil field and the 9/28a-18 Porter discovery, to EnQuest PLC.
Under the terms of the agreement, EnQuest will become the operator of the fields, subject to government and partner approvals, and will assume development costs of up to £34,850,000.
Following the farm-out, Fairfield will retain a 20% interest in the block through its wholly owned subsidiary, Fairfield Acer Limited. EnQuest and Valiant Petroleum will own 51% and 29% respectively.
The Crawford field and Porter discovery have combined gross 2P reserves of 26.8MMboe. The Crawford field is located in the Northern North Sea approximately 300 km north east of Aberdeen, in water depth of around 385 ft. The field was originally developed in 1989 with production having started in April 1989 and ceased in December 1990, having reached cumulative oil production of 3.9 MMbbl. The initial Crawford development focused on production from the Jurassic Hugin formation. Subsequent appraisal drilling in 2007 confirmed the extension of the field’s Triassic reservoir to the north of the previous development wells, and also discovered oil at Porter within a separate Tertiary horizon.
The Block 9/28a – Area B partners are currently working towards the submission in 2012 of a Field Development Plan for the development of the Crawford Triassic reservoir, together with Porter.
Commenting on today’s announcement, Fairfield’s Chief Executive Officer, Chris Wright said:
“We are very pleased to have reached this farm-out agreement with EnQuest, which marks another key moment in Fairfield’s strategy of bringing in partners, whilst remaining well placed to benefit from the significant upside of the Crawford and Porter developments. We look forward to working closely with both EnQuest and Valiant in the months ahead, and to building upon the excellent work carried out to date by our technical team in developing the acreage thus far.”
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