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Zeus signs North Sea farmout agreements with Petroleum Geo-Services

EBR Staff Writer Published 07 July 2011

Zeus Petroleum, a wholly-owned subsidiary of Lochard Energy, has entered into farmout agreements with Petroleum Geo-Services to transfer a 40% stake in six North Sea blocks that include 16/8c, 3/5, 3/10c, 9/17b, 9/22b and 14/17.

The company will transfer the stake in return for access to 3D seismic data and associated seismic interpretation and engineering expertise over these blocks.

The agreement is subject to certain conditions and the approval of the UK government.

Lochard Energy CEO Haydn Gardner said the company will now fast track the evaluation of these blocks and look forward to working with Petroleum Geo-Services on these exciting discoveries and prospects.

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