- Talon Petroleum has won another UK North Sea exploration licence in a join bid with ONE-Dyas E&P
- The licence contains the Thelma, Louise, and Buffalo prospects
- This is the fifth UK North Sea Exploration licence awarded to Talon since mid 2018
- Talon shares are unchanged today, still trading for 0.3 cents per share in a market cap of $4.44 million.
Talon Petroleum is continuing to grace the waters of the UK North Sea by winning another exploration licence in the area.
Talon won the licence in a joint bid with ONE-Dyas E&P as part of the UK 31st Supplementary Offshore Licensing Round. According to Talon, the joint bid is part of a broad technical assessment of opportunities in the area by the two companies.
The licence contains the Thelma, Louise, and Buffalo prospects, which are home to a 29 million barrels of oil, 17 million barrels of oil, and 160 billion cubic feet of gas prospective resources, respectively.
This is the fifth licence awarded to Talon since it set sail on its UK North Sea strategy midway through 2018.
Talon Managing Director Matt Worner said the company is looking forward to the partnership with ONE-Dyas.
“The acquisition of an interest in this new licence is a strategic move by the company to expand and secure Talon’s position in the area, which could be leveraged in the event of successful exploration drilling at Skymoos,” Matt said.
He added that the Thelma and Louise prospects are adjacent to the play identified at the company’s wholly-owned Skymoos prospect nearby.
“We look forward to continuing working with ONE-Dyas to define the best way forward for the Licence as we move to final award by the OGA,” he said.
Along with the new licence, Talon now holds varying interests in the Curlew-A discovery, the Skymoos prospect, the Rocket prospect, and the Vantage prospect, which was announced in early June this year.
ONE-Dyas is the largest private exploration and production (E&P) company in the Netherlands. Like Talon, ONE-Dyas already holds a strong asset portfolio in the North Sea, and also holds assets in Gabon and Malaysia.
According to Talon, ONE-Dyas holds roughly 200 million barrels of oil equivalent of reserves, and has a current average production level of around 35,000 barrels of oil equivalent per day.
Talon’s work commitments for the new licence are expected to amount to roughly $30,000.
Talon shares continue to stay the same since October 2018, still trading for 0.3 cents per share in a market cap of $4.44 million.