Japex seals UKCS farm-in with Apache

Japan Petroleum Exploration Co. (JAPEX) has farmed-in to four licences in the UK North Sea with Apache North Sea. 

As part of the move, JAPEX has formed a new subsidiary, JAPEX UK E&P CENTRAL (JUKC), with financial backing from Japan Oil, Gas and Metals National Corporation (JOGMEC). 

The four licences are P1621/P1622 (the Seagull prospect), P1998 (the Val D’Isere prospect), and P2001 (the Les Arcs prospect).

Apache now holds 50% in Val D'Isere, alongside JUKC holding 10% and Premier Oil with 40%. Apache retains 40% in Les Arcs, alongside JUKC with 20% and Premier Oil with 40%. Talisman Sinopec Energy UK is operator of the Seagull prospect, with 50% interest, alongside Apache (35%) and JUKC (15%). 

In addition, JAPEC exercised an option with Apache to acquire increased working interests in Val D’Isere prospect and Les Arcs. 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 licenses are about 300km east of Aberdeen, in the North Sea. They cover 175sq km in around 100m water depth. A 3D seismic survey is being reprocessed and one well is planned on each prospect in the future.