Another North Sea oil deal valued at nearly $15 a barrel

Yet more deals in the North Sea. On 16th March, UK based Trapoil , agreed to acquire a 15 per cent working interest in the Athena Oil Field from Dyas UK Limited for £34.5 million.

The deal is subject to the approval of DECC and Dyas’ partners , The field is owned by Dyas (with a remaining 32.5%), the operator Ithaca Energy (22.5%) EWE Energie AG (20%) and Lochard Energy Group plc’s wholly owned subsidiary, Zeus Petroleum Limited (10%.).

The Athena field is situated in block 14/18b in the Outer Moray Firth area of the UKCS, lying approximately 18 kilometres west of the Claymore and Scapa fields and the associated production facilities. The field has been evaluated by Sproule Associates to contain 2P reserves (gross) of 24.4 million barrels of oil. The initial rate from the field is anticipated to be approximately 22,000 barrels of oil per day gross (with first production targeted for the second quarter of 2012. Oil produced at Athena will be transported from the BW Athena FPSO by shuttle tankers to the onshore Nigg storage facility, operated by Ithaca Energy. The FPSO vessel is currently due to enter the Souz Canal shortly.

Given that the field contains 24.4 million barrels (2p reserves),  the sale of the 15% interest by Dyas (3.66 million barrels), values each barrel at $14.75 given the sale price of $54 million. This is broadly in line with the recent Centrica North sea deal and just below the $20 a barrel that Nautical stumped up for Encore oil. It makes the $3.5 a barrel current valuation for Xcite Energy look on the low side doesn't it?