Non-core assets

Maureen

Overview

The Maureen field is located in Block 16/29a. The Group acquired its interest in the Maureen field in 2005, 2007 and 2008 from AOGL, BG and Apache North Sea Limited, respectively

Background and history

FCL has a 61.5 per cent., 49.9 per cent. and 49.9 per cent. operated interest in License P110 Block 16/29a (Maureen Field Area) and License P591 Blocks 16/29b and 16/24b, respectively.

In partnership with Apache North Sea Limited, detailed subsurface evaluation identified a number of drilling opportunities which proved to have been swept during earlier production when these were tested in 2007. As the remaining potential is limited, Maureen is regarded as non-core and has been fully impaired.

Although the Group currently has no plans to seek development and production opportunities in the Maureen field, if FCL were to commence oil production from the Maureen field prior to 31 December 2012 then a contingent consideration payment of approximately £3,100,000 would become payable to ConocoPhillips, Fina and Centrica in connection with Fairfield’s acquisition of interests in the Maureen field from Acorn Cedrus Limited and Apache North Sea Limited.

Because Maureen is no longer a core asset, Gaffney, Cline & Associates was not requested to address the volumetrics in this area within the CPR.

Forward plan

The Maureen acreage has now been fully evaluated and is currently regarded as non-core. Other operators who may see more potential in the Jurassic and Triassic remaining prospectivity and commercial options for the assets are being reviewed.

Operations<

Operations

Fairfield has full or partial ownership of six assets within the North Sea, transforming discoveries into productive capacity.
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Crawford

Crawford

Fairfield holds 25% interest in the Crawford Oilfield, located in the Central North Sea. It holds almost 200 million barrels of Oil in Place.
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Clipper South

Clipper South

Fairfield acquired a 100% interest in the Clipper South Discovery Area in 2008, assigning 50% to RWE DEA UK SNS Ltd in July 2009.
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Staffa

Staffa

The Staffa Oilfield is located in the NNS. Fairfield was awarded 100% interest in block 3/8d in the 25th Licensing Round in 2009.
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