Baron Oil plc said that North Sea licence P2478, containing the Dunrobin and Golspie prospects, will be surrendered due to delays acquiring 3D seismic data.
EFFORTS
The news comes eight months after licence administrator Reabold Resources plc was granted a further two years subject to acquisition of a minimum 30km2 of 3D seismic data.
Baron holds a 32% interest, Reabold owns 36% and Upland Resources (UK Onshore) Ltd has 32%.
Baron said that the “significant” delays were mainly due to “continuous wind farm construction activities” in the area.
The licence will be surrendered to the North Sea Transition Authority on 31 March.
Technical director Jon Ford added: “Despite strenuous efforts by the licence administrator on behalf of the joint venture, ourselves and the NSTA to establish a way forward for the licence, we have reluctantly agreed that there is no clear pathway to acquiring the necessary 3D seismic and subsequently drilling an exploration well on P2478 in a timely fashion given the competing activities in the licence area.”
The company continues to await the outcome of its application in the 33rd licensing round.