The Calgary-based Connaught Oil & Gas Ltd has oil wells and acreage in Alberta which it has valued at $4.22m.
Sayer Energy Advisors, which is handling the sale, said
“The company [Connaught] is focused on developing its prospects in the United Kingdom and it intends to deploy the capital raised from the sale of the Canadian assets to its UK operations.”
Last month, Rathlin Energy, which is wholly owned by Connaught, announced it was applying to extend the planning permission at its West Newton A site in Holderness, north of Hull. It is seeking another three years which would allow it to drill an additional well. At the time, Rathlin described the results of the first well at West Newton A as “very encouraging”.
Rathlin is currently decommissioning another site in East Yorkshire at Crawberry Hill and has permission for a second site at West Newton with up to two exploration wells. Last month, the chairman, David Montagu-Smith said Rathlin was withdrawing from its licence in County Antrim in Northern Ireland. Details
There’s nothing about the Canadian sale on Connaught’s website. But Sayer Energy Advisors said Connaught currently operates six producing oil wells across the Del Bonita and Carmangay areas and there is potential for another 18. Sayer Energy Advisors said:
“As the Properties represent Connaught’s only Canadian assets, the Company would prefer to sell the Properties in one transaction.”
Based on Connaught’s website, the only other company oil and gas interest is the right to drill in Montana in the US.