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  • Exercise of Option to Acquire Additional Interests in Exploration Licence, UK North Sea and Establishment of New Subsidiary
    édité le 16/10/2014 - Plus de news de "Japex" - Voir la fiche entreprise de "Japex"

Exercise of Option to Acquire Additional Interests in Exploration Licence, UK North Sea and Establishment of New Subsidiary
As stated in a press release issued on 25th March 2014, JAPEX UK E&P LIMITED, wholly owned by Japan Petroleum Exploration Co., Ltd. (“JAPEX”), executed a farm-out agreement with Apache North Sea Limited (“Apache”) to acquire participating interests in four licences located in the UK North Sea in return for the payment of certain well and other costs.

We are pleased to hereby announce that, through its newly established subsidiary, JAPEX UK E&P CENTRAL LIMITED (“JUKC”), and the financial assistance of Japan Oil, Gas and Metals National Corporation (“JOGMEC”), the option has now been exercised under the agreement with Apache to acquire increased working interests in License P1998 (the Val D’Isere prospect) and P2001 (the Les Arcs prospect). In return for the payment of certain well and other costs, JUKC can now acquire a 10% working interest in the Val D’Isere prospect and a 20% working interest in the Les Arcs prospect. Apache remains the designated operator for both of the Val D’Isere and Les Arcs prospects.

The Val D’Isere prospect and the Les Arcs prospect licences are located approximately 300km east of Aberdeen, in the North Sea, covering a total area of 175 km2 with a water depth of around 100m. A 3D seismic survey is being reprocessed and one well is planned on each prospect in the future.

These transfers of interest in the UK North Sea are subject to United Kingdom Government and co-venturer approvals.

About Japex

Japan Petroleum Exploration Co., Ltd. (JAPEX) is engaged in oil and natural gas exploration and production (E&P) activities both in Japan and overseas. Its main operating areas are Hokkaido, Akita, Yamagata and Niigata in Japan. Overseas, JAPEX is active in Canada, Indonesia, Iraq and other regions where it has offshore interests. JAPEX was founded in December 1955 as a special-purpose company through a government initiative and has continued to explore and produce oil and natural gas in Japan while expanding its activities overseas. Between 1967 and 1970, JAPEX was incorporated into the Japan Petroleum Development Corporation (JPDC) as its E&P operating body. Thereafter, JAPEX was separated and re-established as a private-sector company under the former Commercial Code in April 1970. JAPEX listed on the First Section of the Tokyo Stock Exchange in December 2003.

About Apache

Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom, Australia and Argentina.

Origine : Communiqué Japex

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