U.K. North Sea - In early 2005, we announced a significant discovery with our Grove Prospect, located on Block 49/10a in the Southern Gas Basin. We are preparing to bring the Grove Field, our first operated field in the U.K. North Sea, on-line. We have an 85% interest in this field. As of Dec. 31, 2006, we owned interest in about 168,000 gross acres in the U.K. sector.
We have an agreement with BP Exploration and Production to prospect on acreage around its giant West Sole Field in the Southern Gas Basin. Exploratory prospects have been identified.
Newfield’s London office opened in 2002 to evaluate U.K. North Sea opportunities. We believe there are still many opportunities for independents to grow business in this mature province.
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