"DEO Petroleum plc plans to convert stranded North Sea assets into value by applying advanced subsea technology and top quartile drilling performance, combined with a comprehensive understanding of how the infrastructure of the North Sea functions. There is currently a lack of small independent operators in the North Sea and a wide selection of subsea development opportunities that are not material to the larger operators. Given that operating costs are coming down and the long term oil price is firming, we believe that now is the time to invest in North Sea development."

David Marshall, Chief Executive Officer, DEO Petroleum plc