Arenite to seek funding on licence award

Funding opportunity in 2H 2015

By Heather Ruth on Wednesday, March 11 th, 2015

A listing of Central North Sea 28th Round Licence Awards is available from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/367313/28R_Award_map3_NSC.pdf.

Arenite Petroleum Limited will seek funding for the forthcoming exploration phase only after the successful completion of the Licence Award process for the 14th Onshore Round (anticipated sometime in 2H 2015).

Mike Cooper (CEO) commented – “When the licence awards to Arenite Petroleum Limited have been finalised following the announcement of the 14th Onshore Round expected in the second half of 2015, the company will seek additional funding. If successful in the 14th Round the company will have the opportunity to take an additional share of a firm well on what we consider to be one of the most prospective opportunities onshore UK.”

“Our belief in the prospect has been verified by our joint venture partners who joined us in offering a firm well commitment bid which all considered appropriate for the opportunity identified. We anticipate others will be excited, particularly in the Cleveland Basin area, at the potential we have identified.”

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