Siccar Point Energy E&P Ltd. entered into a sale and purchase agreement to divest its 26% equity interest across three production licences covering the Jackdaw Field discovery to Dyas UK Limited (Dyas), the company said Nov. 6.

The price of the transaction wasn’t disclosed. Completion of the transaction is subject to customary regulatory and partner consents.

The 2005 Jackdaw Field discovery holds gas and condensate in Jurassic sandstones. Full development is expected to produce more than 100 million barrels of oil equivalent, Siccar says on its website. The field is located in the Central North Sea area 250 km east of Aberdeen and 10 km north-east of Jade.

Siccar Point acquired its 26% non-operated interest in the field from the takeover of OMV (U.K.) in January 2017.

Siccar Point Energy’s CEO Jonathan Roger said that while Royal Dutch Shell Plc has performed well as operator of the Jackdaw, the company’s appraisal and development activity compels Siccar to focus on in its West of Shetland portfolio.

Dyas CEO Robert Baurdoux said the company the company’s Catcher and Mariner developments are nearing first production and buying interests in the Jackdaw will provide it with the opportunity to join Shell in “developing this exciting gas‐condensate field and bringing more UK gas into our portfolio.”

Offshore