Under the terms of the sale, Pryme received a cash payment and overriding royalty interest in future potential wells drilled on the acreage, which covers 1069 acres.

“We are delighted with this transaction and look forward to the commencement of BP's deep drilling in the field,” Pryme managing director Justin Pettett said

“This sale is a testament to our strategy with Wave of generating projects through the evaluation and interpretation of seismic data and acquiring strategic acreage.”

The Condor project is located along the Tuscaloosa Trend, which has recently experienced a resurgence in deep exploration activity led by BP/Amoco.

Pryme said the Condor project area includes multiple Tuscaloosa targets that have historically produced more than 100 billion cubic feet of gas.

Wave, as operator, believes the area has deep potential similar to that explored at Judge Digby Field by BP, where wells have flowed gas at more than 40 million cubic feet per day at depths below 20,000 feet.