September 21, 2014 5:36 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Maersk Oil North Sea UK Limited

Company Overview

Maersk Oil North Sea UK Limited operates as an oil and gas exploration company. Maersk Oil North Sea UK Limited was formerly known as Kerr-McGee North Sea (U.K.) Limited and changed its name to Maersk Oil North Sea UK Limited in November 2005. The company was incorporated in 1998 and is based in Aberdeen, United Kingdom. Maersk Oil North Sea UK Limited operates as a subsidiary of Mærsk Olie Og Gas A/S.

Maersk House

Crawpeel Road

Altens Industrial Estate

Aberdeen,  AB12 3LG

United Kingdom

Founded in 1998

Phone:

44 1224 242 000

Fax:

44 12 2424 2235

Key Executives for Maersk Oil North Sea UK Limited

Managing Director
Compensation as of Fiscal Year 2014.

Maersk Oil North Sea UK Limited Key Developments

North Sea Energy Inc. Closes Farm-in Agreement with Maersk Oil North Sea UK Limited

North Sea Energy Inc. (NSE) announced that it has closed the farm-in agreement with Maersk Oil North Sea UK Limited (Maersk Oil) and has executed a joint operating agreement (JOA) with its joint venture partners: Maersk Oil, Premier Oil UK Limited (Premier), EnCounter Oil Ltd. (EnCounter) and Groliffe Ltd. (Groliffe) on UK Petroleum Production Licence P1943 Blocks 13/24c and 13/25, including the Bagpuss and Blofeld Prospects. Under the JOA, Premier has taken over as Operator of the Licence. UK Department of Energy and Climate Change (DECC) has approved the aforementioned transaction. Under the farm-in agreement, Maersk Oil is to carry 100% of NSE's costs, subject to a cap, to drill the initial Bagpuss Prospect exploration well including a site survey and agreed past costs. In addition, Maersk Oil is to carry 50% of NSE's costs, subject to a cap, on a Bagpuss appraisal well should one be drilled. In return, Maersk Oil will acquire a 25% working interest in the Licence from NSE, which will retain a 15% working interest. Premier has acquired a 37.5% working interest in the Licence from Groliffe and EnCounter, which have retained a 7.5% working interest and a 15% working interest respectively.

Maersk Oil North Sea to Acquire 25% Working Interest in Blocks 13/24C and 13/25

North Sea Energy Inc. announced that through its wholly owned subsidiary, North Sea Energy (UK NO2) Limited, it has entered into a farm-in agreement with Maersk Oil North Sea UK Limited to participate in the initial exploration and appraisal of the company's UK North Sea blocks 13/24c and 13/25. Blocks 13/24c and 13/25, containing the Bagpuss and Blofeld prospects, were awarded to NSE UK2 and EnCounter Oil Ltd. (as Licence Administrator) under Promote Licence P.1943 in the UKCS 27th Licensing Round effective from 1st January 2013. NSE UK2's working interest in the licence is 40%, EnCounter Oil Ltd. 40%, and Groliffe Ltd. subsequently exercised its right to back in to the licence for a 20% working interest. The Prospects are located on the Halibut Horst which is a well-defined basement high within the Moray Firth, in the North Sea, United Kingdom. Under the farm-in agreement, Maersk Oil is to carry 100% of NSE's costs, subject to a cap, to drill the initial Bagpuss Prospect exploration well including a site survey and agreed past costs. In addition, Maersk Oil is to carry 50% of NSE's costs, subject to a cap, on a Bagpuss appraisal well should one be drilled. In return, Maersk Oil will acquire a 25% working interest and NSE will retain a 15% working interest in blocks 13/24c and 13/25. It is expected that the initial well at Bagpuss could spud in 2014. NSE has been advised that its partners in the Bagpuss and Blofeld Prospects, Encounter Oil Ltd. and Groliffe Ltd., have successfully reached agreements with a farm-in partner. Encounter Oil Ltd. will retain a 15% working interest and Groliffe Ltd. will retain a 7.5% working interest, with their farm-in partner acquiring a 37.5% working interest in blocks 13/24c and 13/25.

Valiant Causeway Limited Signs Isabella Farm Out Agreement with Maersk Oil North Sea UK Limited

Valiant Causeway Limited announced it has signed a farm-out agreement with Maersk Oil North Sea UK Limited with regard to its Isabella prospect located in the UK Central North Sea Blocks 30/6b, 30/11a & 30/12d (P1820). Under the terms of the agreement, the Valiant's well costs will be partially carried by Maersk Oil UK subject to a cap on the promoted costs. Maersk Oil UK will also refund to Valiant certain historic costs associated with the licence at its working interest. Following completion, the company's stake will reduce to 20% from its current 50% interest. The transaction remains subject to DECC consent. Isabella is a gas condensate prospect located on one of the undrilled fault blocks in the UK Central North Sea with prospectivity across multiple geological horizons. Following completion of the transaction, the P1820 partners will be Apache North Sea Limited (50%, operator), Maersk Oil North Sea Limited (30%) and Valiant Causeway Limited (20%).

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