Spike agrees to farm into two ukcs exploration licences

Spike Exploration UK Ltd, a wholly owned subsidiary of Spike Exploration Holding AS, (Spike) has reached agreement with operator EnQuest Heather Limited (EnQuest) to farm into two of their licences and participate in drilling the Cairngorm prospect with a 30% working interest. A well is planned for the 2nd half of 2013.

The Cairngorm prospect is located in the southern part of the Viking Graben area of the UKCS, straddling Blocks 16/2b and 16/3d (licences P1214 and P1892), a short distance to the west of the border to the Norwegian Continental Shelf, and with the Brae complex of oil and gas fields to the east and south. The Cairngorm prospect was proven to be oil bearing by earlier drilling activity in 1990 – the 2013 well will seek to prove up additional resources in order to establish commercial volumes. The licences have additional prospectivity outside the Cairngorm prospect.

The agreement with EnQuest, who is currently sole licencee, is subject to approval from the Department of Energy and Climate Change.