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  • Neptune Energy Acquires North Sea Assets From Energean
    édité le 14/10/2019 - Plus de news de "Neptune Energy" - Voir la fiche entreprise de "Neptune Energy"


Neptune Energy Acquires North Sea Assets From Energean
Neptune Energy announced it has entered into a conditional Sale and Purchase Agreement with Energean Oil and Gas to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets for an initial cash consideration of $250 million(1). The purchase is contingent on Energean completing its proposed acquisition of Edison E&P.

The portfolio will provide Neptune with material growth in contingent resources, an estimated 30 million barrels of oil equivalent (mmboe) of 2P reserves and near term production in core areas of the North Sea close to infrastructure. It includes:

- Glengorm gas condensate discovery (25 per cent WI) in the UK’s Central North Sea, close to Neptune’s operated Seagull project. Glengorm is an additional contingent resource.
- Nova gas development project (15 per cent WI) in the Norwegian North Sea: Nova is being developed as a subsea tie-back to the Neptune-operated Gjøa field. Production is expected from 2021, with estimated net 2P reserves of more than 11 mmboe.
- Dvalin (10 per cent WI) gas development project in the Norwegian North Sea: developed as a subsea tie-back to Heidrun, the four gas wells are expected to be drilled from the end of 2019, with first gas expected by the end of 2020. Net 2P reserves are estimated at more than 11 mmboe.
- Scott (10.5 per cent WI) & Telford (15.7 per cent WI), Tors (68 per cent WI), Wenlock (80 per cent WI) and Markham (3.1 per cent WI): combined incremental non-operated production of 3,000 barrels of oil equivalent per day (boepd) in 2019. Tors is strategically important to the Neptune-operated Cygnus field due to the shared export route.

Jim House, CEO of Neptune, said: “This is an important bolt-on acquisition that is in line with our strategy of consolidating our position in key areas with high quality and complementary assets.

“The assets are an excellent fit with our North Sea portfolio. Nova and Dvalin are expected to add 12,000 boepd to our production base over the next two years and Glengorm adds significant potential for the longer term.”

The transaction is subject to customary regulatory approvals, with completion expected early in 2020.

(1) To be adjusted for working capital (effective date 1 January 2019). A contingent consideration could be paid to Energean at approval by the Oil and Gas Authority of a Field Development Plan for additional net 2P reserves for Glengorm (on incremental undiscovered volumes), by the end of 2025, or Isabella, by the end of 2026. Under these conditions, and depending on the size of the incremental reserves, the contingent payment can reach up to $30 million.

BNP Paribas acted as financial adviser and Freshfields Bruckhaus Deringer acted as legal adviser to Neptune Energy on the transaction.

About Neptune Energy

Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. Neptune had production of around 160,000 net barrels of oil equivalent per day in 2018 and 2P reserves at 31st December 2018 of 638 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

About Energean Oil and Gas

Energean Oil and Gas is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations offshore Israel, Greece and the Adriatic. Energean Oil and Gas has 347 mmboe of reserves and 58 mmboe of resources across its portfolio. In March 2018 the Company took Final Investment Decision on its flagship Karish-Tanin gas development project, where it intends to use the only FPSO in the Eastern Mediterranean to produce first gas in 2021. Energean Oil and Gas has already signed firm contracts for 4.2 bcma, and has a further contingent contract of 0.4 bcma of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region. In Greece, the Company is pursuing an ongoing investment and development program to increase production from its Prinos and Prinos North oil fields and to develop the Epsilon oil field, located in the Gulf of Kavala, Northern Greece. Energean Oil and Gas has five exploration licences offshore Israel, and a 25 year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.


Origine : Communiqué Neptune Energy

Voir la fiche entreprise de "Neptune Energy"



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