Simwell acquired a 35% interest in Licence P2076, Block 113/27d in the East Irish Sea, awarded to Burgate Exploration and Production Ltd in the 27th Licensing Round and containing the undeveloped Castletown gas field.
In March 2018, Simwell and its partners sold their interests in P2076 to Bridge Petroleum for an undisclosed consideration.
Bridge has now moved forward into the second phase of the licence, undertaking to submit a plan of development for Castletown to the OGA. Simwell has a continuing advisory role in this project and will receive significant remuneration during the production phase.
In December 2019 Bridge Petroleum undertook to return the P2076 License to Simwell and its JV partners. The license is in its second phase and requires a Plan of Development to be submitted to the authorities by December 2020. Later in December 2019 Simwell and its JV partners granted Oilex plc a option or exclusivity to acquire P2076 during Qtr 1 2020 on certain pre-agreed terms but essentially allowing Oilex plc to take over the work performed by Bridge Petroleum to date.