StockMarketWire.com - Oil company Orcadian Energy said it had signed an early-stage agreement to sell part of the Carra prospect in the North Sea to Carrick Resources.

The non-binding heads of terms with Carrick Resources was respect of a sub-area of Licence P2320, which covered the Carra prospect.

If confirmed the agreement would see Orcadian assign a 50% interest in the sub-area of licence P2320, which contains the bulk of the Carra prospect, to Carrick.

In exchange, Carrick would purchase new seismic data relating to the Carra prospect, work up the Carra prospect to drill-ready status and manage a further farm-out process on the prospect.

Orcadian said both parties were working towards the execution of a formal agreement before 31 December.


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