Silverstone Energy Announces Double Well Deal1/16/2006
ABERDEEN, Scotland, January 16, 2006 — Silverstone Energy Limited, a newly formed North Sea exploration and production company, has completed a major deal with ConocoPhillips and BP to drill two wells in the Southern North Sea.
Silverstone was formed only nine months ago as a joint venture between the specialist energy focused private equity fund, Lime Rock Partners, and Calgary based independent oil and gas company, Storm Ventures International Inc.
The farm-in agreement signed last month (December 2005) with ConocoPhillips, BP and EOG Resources United Kingdom Limited covers a selection of exploration opportunities in blocks 49/12a, 49/16, 49/17, 48/20b, 48/25b and 49/21 in the vicinity of the prolific V Fields and Viking areas.
Silverstone will drill two exploration wells in the next 12 months, the first of which will be the Vanquish well in block 49/16, due to spud in March. The company has also identified several other exploration targets in the farm-in area and expects to drill further wells in 2007 and beyond.
ConocoPhillips will operate any developments, including the transportation and processing facilities, while Aberdeen based firms Helix RDS and Peak Group have been contracted by Silverstone for subsurface and drilling service work respectively.
Matthew Brister, president and CEO of Storm Ventures International Inc, heads up the Silverstone Energy team as chief executive officer. A geologist with 25 years experience working in Western Canada, North Africa and the North Sea, Mr Brister has a proven track record of successfully developing start-up E&P companies and in the last 10 years has been CEO of three Canadian based public oil and gas producers.
Steve Horton has been appointed Silverstone’s Chief Operating Officer and as former BP Director of Drilling has 30 years experience of managing exploration and production drilling and completion activities around the world. Simon Munro, a principal with Lime Rock Partners, will act as the company’s Chief Financial Officer.
Steve Horton said: “We at Silverstone are thrilled to be embarking on this project to help to further develop exploration opportunities in the V Fields and Viking areas. The Vanquish farm-in agreement and the working relationship established with ConocoPhillips, BP and EOG is exactly what we sought to achieve when we founded Silverstone.
“This is a fantastic start for Silverstone – from company start up to a broad portfolio of prospects and our first well inside 12 months. Our job now will be to deliver a safe, cost effective and quality Vanquish well and create value for Silverstone, the other Vanquish owners and the other stakeholders in this new era of North Sea exploration.”
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