International Frontier Resources (IFR) has completed the sale of its UK North Sea-focused Britcana Energy subsidiary to Nexen Petroleum. Nexen will pay IFR an initial US $3m, followed by $1m on approval by the UK Department of Energy and Climate Change of a field development plan for a joint or unitised development of the Bugle field in UK Blocks 15/23c and 15/23d. It will pay a further $1m on the sale of first hydrocarbons from the proposed development. Britcana holds a 10% interest in Blocks 15/23c, 15/24a, 15/28a and 15/29e. Nexen is the operator of a joint well that is currently drilling on Block 15/23d and Britcana is participating for a 5% interest in the well. The company also said it has agreed to sell Britcana's 8.33% interest in UKCS Licence P.233 (Block 15/18a) to a UK based operator for $650,000.
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