Japex expands North Sea portfolio

Japan’s Japex is increasing its UK North Sea presence through another acquisition of interest in Apache’s offshore blocks.

To remind, in 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 to acquire participating interests in  four licences located in the UK North Sea in return for the payment of certain well and  other costs.

Japex has today announced 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.