Oil & Gas Advisors is pleased to announce that we have acted as an advisor to Rapid Oil Production Limited ("ROPL") on its purchase of the outstanding 50% interest in P2451 (the "Licence"), which contains the 18mm bbl Fyne development project, from Carrick Resources Limited.
Following completion of the Acquisition, Rapid Oil Production Limited will hold a 100% interest in the Licence.
The Fyne development is in excess of 18mm bbl, and is located in Quad 21 of the UK sector of the North Sea.
ROPL plans to develop the Licence in two phases, with the initial phase targeting first oil by 2022, and is now moving towards the submission and approval of the Field Development Plan ("FDP").
Rapid Oil Production Limited is a new breed of oil company, focusing on shortening the time to first oil by leveraging Management's experience and applying modular development concepts appropriate to the development.
More information on the transaction is available from ROPL's website here.
Oil & Gas Advisors is delighted to support the management team at Rapid Oil as it increases it interest in Fyne, and looks forward to providing further support to ROPL as it enters the final development stages ahead of first oil.
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