The director of Comtrack (UK) Ltd has released a statement to potential investors regarding recent developments to the offshore licences awarded to the company during the UK 33rd Licensing Round as the signing of those licences has now been completed by all parties.
Comtrack UK Ltd announces that it has submitted applications for two Production Licences in the UK 33rd licensing round. Both these licences contain proven undeveloped discoveries of gas and are in mature areas with exiting infrastructure. The applications were made together with another, publicly quoted company who will act as the operator if the licenses are awarded.
Comtrack (UK) Ltd is planning to apply in the UK 33rd Licensing Round having identified two gas projects which are proven undeveloped discoveries. A Management team specific to this licensing round has been organised, and oil and gas companies are being approached the form of bidding groups to apply for these two projects. As Comtrack intends to be a non-operator and is seeking to either organise, or join existing groups with an experienced Operator company.
Further details on the project can be found at the link below.
In October 2022, Comtrack UK Ltd was commissioned by its parent company in Cyprus (Comtrack Ventures Ltd) to prepare a report on the current state of exploration for hydrocarbons offshore Cyprus. The publicly available version of the report is linked below.
Offshore Cyprus Hydrocarbons Report - Updated Feb 24
Sale of P2300 interest to Simwell.
Comtrack (UK) Ltd has announced it plans to transfer its 10% interest in P2300 to sister company Simwell Resources Ltd, to be held in trust, concurrent with the farm out to Horizon Energy, which will reduce its holding to 2%.
Following this Comtrack (UK) Ltd no longer has any direct license holdings in the UK sector.
Assignment of P2076 interest to Bridge.
Comtrack (UK) Ltd has assigned its 35% interest in UK licence P2076, containing the Castletown gas field, to Bridge Petroleum for an undisclosed consideration. Simwell Resources Ltd has also assigned its own 35% interest to Bridge.
Bridge will now progress the licence to its 2nd term and develop the gas field, subject to the usual regulatory conditions.
P2256 relinquishment.
Comtrack (UK) Ltd has relinquished license P2256 where it had an 20% interest. The decision to relinquish was taken because of the recently arising possibility of interference, from an overlapping wind farm license granted to third parties by a different regulatory authority.
Comtrack (UK) Ltd has announced a number of changes to the licenses it holds in the UK North Sea.
Comtrack’s fully owned subsidiary Comtrack (UK) Ltd has concluded a farm-in agreement for three UK 28th Round licences P2254, P2256 and P2300 with Ardent Oil Limited. Comtrack (UK) Ltd will earn a 10% interest respectively, Simwell Resources Ltd wil have 40%, whilst Ardent will retain 50% interest and continue as Licence Administrator. The three licences cover blocks 37/26, 36/27, 37/28a, 37/29a, 43/3a, and 43/4a in the UK sector of the Southern North Sea. The licences are for an initial period of two years, expiring at the end of 2016, but it is possible to extend them for up to a further two years before a drilling decision is made. The transactions for P2254 and P2256 have been approved by the UK authorities (the OGA) whereas approval for P2300 is pending.
Comtrack continues to build a substantial portfolio of licenses in the UK’s Southern North Sea areas, focusing on gas exploration and production.
Comtrack (UK) Ltd has been informed that its 27th Licence Round block 113/27d ( P2076), which expired in December 2015, has received an a two year extension until December 2018 from the UK authorities (the OGA). This is subject to a review in November 2016, but the extension was granted to allow Comtrack (UK) Ltd and its partners Burgate Exploration and Simwell Resources to identify drilling partners for the appraisal well on the Casteltown gas field, now thought to contain contingent resources of 250 bcf of gas.
Comtrack’s fully owned subsidiary Comtrack (UK) Ltd has acquired through a farm-in, a 25% interest in UK 28th Licencing Round licence P2263 from Margin Oil & Gas (UK) Ltd. The licence covers blocks 41/20, 41/15 and 42/16 in the UK Southern Gas Basin. Margin will retain 25% of the licence and continue as Licence Administrator for the remaining duration of the initial two year period of the license which expires in December 2016. It is expected that the license will be extended by a further two years to end of 2018 before a decision to drill is undertaken. The transaction has been approved by the UK authorities (the OGA, Oil and Gas Authority).
Comtrack's fully owned subsidiary Comtrack (UK) Ltd has acquired a 35% interest in two contiguous licences in the Morecombe Bay area, offshore, west of the UK in the East Irish Sea, where the licence holders are planning to introduce a partner to drill an appraisal well on the already identified Castletown gas field. Comtrack (UK) Ltd acquired through farm-in its 35% interest in 28th Licencing Round awarded block 113/28b (P2255), and also farmed in for a 35% interest in 27th Licence Round awarded block 113/27d ( P2076). The administrator of these licences is Burgate Exploration & Production Ltd with 30% and the other partner is Simwell Resources Ltd.
Suite B, 30 Barnes High Street, London SW13 9LW
Tel: 0208 876 2107
info@comtrack-uk.com
©2023 Comtrack (UK) Ltd
