Island Oil & Gas Plc. said it has won the Q13b exploration licence from the Dutch government, valid for five years.
The minister of economic affairs of the awarded the license to Island Netherlands B.V., a wholly owned unit of Island Oil, and , the designated operator, will hold a 100 percent working interest in the license.
Island Oil intends to split the license into a shallow (oil) and deep (gas) part, with Island Oil operating the shallow part with a 100 percent interest and Cirrus Energy Nederland B.V. operating, on behalf of its partner Petro-Canada Netherlands B.V., the deep part in which Island Oil will have no equity interest.
The Q13b license contains part of the Zaan Field which has up to 12.4 million barrels of gross oil in place.
Source: Thompson Financial