Oct. 29, 2012
27th License Round Award
On October 25th, 2012, the Department of Energy and Climate Change announced that London based Summit Petroleum Limited (CEO Kevin Smith), a 100% subsidiary of Sumitomo Corporation - Tokyo (CEO Kuniharu Nakamura), has been awarded licenses in three offshore, UK North Sea blocks under the 27th Licensing Round.
Among the blocks awarded to Summit was Block 21/6b (100% SPL), located 150 km northeast of Aberdeen, containing the Avalon prospect. Summit plans to drill the prospect, as operator, by the end of 2014.
Summit is delighted to have captured three licences, especially the operated 21/6b block. As operator, Summit look forward to continued growth of its business in the UKNS, with a commitment to Health, Safety, and the Environment at its highest priority.
< CEO Comment >
CEO Kevin Smith commented, "We are pleased with the results of the 27th round, having captured every license we applied for. The 205/12 block expands our focus into the West of Shetlands area, while the 22/29b block builds on the successes in the Elgin-Franklin Field area. We eagerly anticipate our next operated well, the Avalon prospect, which offers substantial reserve exposure at minimal risk and expense. We plan to drill that as soon as possible, subject to rig availability."