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  • Chrysaor completes acquisition of ConocoPhillips’ UK oil and gas business
    édité le 01/10/2019 - Plus de news de "Chrysaor" - Voir la fiche entreprise de "Chrysaor"


Chrysaor completes acquisition of ConocoPhillips’ UK oil and gas business
Chrysaor Holdings Limited announces that it has completed its acquisition of ConocoPhillips’ UK oil and gas business for $2.675 billion. With an effective date of 1 January 2018, completion of the transaction follows receipt of all necessary regulatory approvals.

The assets acquired produced approximately 72,000 barrels of oil equivalent per day (boepd) in the first six months of 2019. Combined with Chrysaor’s existing portfolio first half 2019 production averaged 195,000 boepd.

The transaction adds two new operated hubs to Chrysaor’s portfolio in the UK Central North Sea - Britannia and J-Block – in addition to an interest in the Clair Field area.

Phil Kirk, Chief Executive, Chrysaor, said:
“The completion of this acquisition confirms Chrysaor’s position as one of Europe’s leading independent exploration and production companies. We are now one of the largest UK producers with a portfolio of high-quality, long-life assets complemented by a professional and expert staff. As we enter a new chapter for Chrysaor we look forward to welcoming our new colleagues and the safe integration of the two businesses. We have identified a number of exciting growth opportunities in our expanded portfolio and across the CNS.

Notes:
- The transaction is an agreement between Chrysaor Holdings Limited and ConocoPhillips.
- The transaction does not include ConocoPhillips’ London-based commercial trading business nor its interest in the Teesside oil terminal.
- Chrysaor is backed by Harbour Energy (with a 90% ownership interest), a permanent capital energy investment company advised by EIG Global Energy Partners (“EIG’’).
- Chrysaor is funding this acquisition from existing cash resources and an upsized $3 billion Reserve Based Lending (“RBL”) debt facility underwritten by Bank of Montreal, BNP Paribas, DNB Bank, and ING Bank.
- BMO Capital Markets Limited and Jefferies International Limited acted as joint financial advisers to Chrysaor.

About Chrysaor

Chrysaor is a private company established in 2007 and focused on developing and commercialising oil and gas resources. The management team has a proven track record of success and seeks to acquire producing fields with associated undeveloped hydrocarbon resources. Chrysaor is now a self-sustaining full cycle E&P company, with a portfolio of assets balancing near term development with production growth, combined with significant gearing to appraisal and exploration success. Chrysaor is also working with the wider industry to ensure it is consistent with the necessary transition to a low carbon economy.
As part of this, Chrysaor is investing in the Acorn CCS project alongside partners in industry and government.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 10,900 employees as of June 30, 2019. Production excluding Libya averaged 1,303 MBOED for the six months ended June 30, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018.


Origine : Communiqué Chrysaor

Voir la fiche entreprise de "Chrysaor"



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