DEO Petroleum Assumes Maersk Oil’s Interest in Perth Field

DEO Petroleum plc is pleased to announce that its wholly owned subsidiary DEO U.K. Limited, along with partners Atlantic Petroleum UK Limited & Faroe Petroleum (U.K.) Limited, has agreed, subject to regulatory approvals, to assume Maersk Oil U.K. Limited’s 19.11% interest in the Perth field.

Commenting, DEO’s Chief Executive Officer David Marshall said:

“The opportunity at this time to acquire additional equity in what is a core asset to DEO is welcomed. Having submitted a Field Development Plan for Perth at the end of September, we are actively engaged with the various regulatory authorities to secure the necessary consents to proceed with our development plans. As indicated in a prior announcement the consent process is estimated to take around six months. Meanwhile we are in advanced stages of discussions with contractors for our preferred development solution.”

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Offshore Nieuws Staff , November 16, 2011