Cairn and JX Nippon farm-in to Aragon

Agreement: Cairn and JX Nippon have reached an agreement to farm-in to the Aragon prospect in the North Sea

Josh Lewis

 04 January 2013 07:28 GMT

UK company Cairn Energy and Japan’s JX Nippon Exploration & Production have farmed in to the P1763 Aragon prospect in the UK Northern North Sea.

The agreement will see Cairn’s subsidiary Agora Oil & Gas take a 30% interest in the licence and JX Nippon take a 25% stake, subject to approval from the UK Department of Energy & Climate Change.

Licence partner Bridge Energy said all parties had agreed to participate in drilling a well to test the Aragon prospect before the first quarter of 2015.

"We are pleased both Cairn and JX Nippon have joined us in this licence, which demonstrates technical support for the potential within this acreage,” Bridge chief executive Tom Reynolds said…

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