The company will acquire the interest in return for carrying a share of the cost of the initial exploration well.
The Orchid prospect is a four-way dip closure in the Tertiary and Chalk horizons and is surrounded by the producing Banff, Kyle, Bittern and Gannet group of fields.
The prospect is located adjacent to the acreage Valiant recently agreed to acquire from Sterling Resources, which contains a similar prospect and two smaller appraisal opportunities.
Summit Petroleum is the operator of the Orchid prospect and is currently seeking a semi-submersible rig to drill the prospect in the second half of the year.
