Fairfield Energy Acquires Clipper South from Shell and ExxonMobil

abarrelfullabarrelfull wrote on 29 Jul 2012 12:47

9 January 2008

Fairfield Energy Ltd (Fairfield) is pleased to announce execution of the Sales and Purchase Agreements with Shell and ExxonMobil for the 100% acquisition of the Clipper South Discovery Area in UKCS Blocks 48/19c, 48/19a and 48/20a. Fairfield will acquire a 50% interest from Shell and 50% interest from ExxonMobil and will assume operatorship of the Discovery Area. The Clipper South Discovery was made by well 48/19a-3 in March 1983 and further delineated by well 48/19c-13Z in July 1992. Fairfield is planning an extensive evaluation of the discovery to ascertain its potential for a fast track development using modern completion technology in the Rotliegendes reservoir.

Fairfield's Chief Executive, Mark McAllister, said, "As Fairfield continues to grow its portfolio of assets, we believe this acquisition is of strategic importance and represents the creation of our first Core Area in the Southern Gas Basin of the UK North Sea. We believe this acquisition moves us closer to our goal of creating a substantial independent UK oil and gas company. We plan a full subsurface evaluation of the Clipper South opportunity with the objective of accelerating time to market and improving the reservoir performance seen in the discovery wells."

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