The P.2132 license, which is operated by Maersk Oil North Sea UK with joint venture partner Centrica Resources, covers blocks 16/11b and 16/16 in the South Viking Graben.
The license also includes the Red Castle prospect where an exploration well is expected to be drilled in the second half of 2015.
Oyster Petroleum chief executive officer Richard Morgan said: "Following our recent licence awards in the UK 28th Round, this is a further positive step for Oyster Petroleum as we continue to build a high quality exploration programme.
"We are delighted to be working with Maersk Oil and Centrica as Red Castle moves towards drilling next year."
The transaction includes certain well costs on drilling and is subject to regulatory approvals from the Department of Energy and Climate Change and the Secretary of State.
Oyster agreed to acquire a 25% interest in license P.1948 in the UK Central North Sea in September 2014.
Endeavour Energy UK operates the P.1948 license with joint venture partners Faroe Petroleum (UK) and First Oil and Gas.
Image: Oyster Petroleum will acquire a 30% interest in licence P.2132 in the UK North Sea. Photo: Courtesy of Oyster Petroleum.
