Neptune Energy announces it has completed the integration with the former VNG Norge business. The integrated business, 'Neptune Energy Norge', will be amongst the top five independent producers on the Norwegian Continental Shelf1 and will become the operator of the Fenja field development project in the Norwegian Sea.

As of 4 December 2018 the merger between Neptune Energy Norge AS and VNG Norge was completed. The entire business of former VNG Norge – including participating interests in production licenses, operatorships and employees have now been merged into Neptune Energy Norge. The combination of both businesses creates a strong platform with a broad operating skills-set across sub-sea development, drilling, production and exploration.

Fenja (PL 586), an oil and gas field under development in the Norwegian Sea, is Neptune's first operated development project in Norway. It lies 120 km north of Kristiansund, with estimated recoverable resources in excess of 100 million barrels oil equivalent (Pil reservoir). The field is a subsea development with tie-back to Njord A. First oil is targeted for 2021.

Anne Botne, Country Director for Neptune Energy, said: "The transaction and integration of former VNG Norge adds a strong team as well as competitive growth assets to our portfolio on the Norwegian continental shelf. Fenja is our first development project in Norway. It will feature innovative solutions enabling production through long distance tiebacks to existing infrastructure, thus capturing value and reducing emissions in line with our strategy. By leveraging Neptune Energy's operational experience and existing contracts, we aim to realise additional opportunities and synergies from Fenja to our two other operated development projects in Norway, Cara and P1 in the North Sea."

The organisation will be led by Managing Director Odin Estensen as of 2 January 2019.

About Neptune Energy Norge

Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field with a net production of 11.0 million barrels of oil equivalents in 2017. It has three operated development projects: Fenja, Cara and P1. The Company is a partner in several producing fields, amongst these are: Bauge (under development), Brage, Draugen, Fram, Gudrun, Hyme, Ivar Aasen, Njord and Snøhvit. Neptune Energy Norge has a portfolio of 75 licences.

About Neptune Energy

Neptune Energy is an independent global E&P company and, having completed the acquisition of the exploration and production business of the ENGIE group in February 2018, is now active across the North Sea, North Africa and Asia Pacific. The business had production of 165,000 net barrels of oil equivalent per day during H1 2018 and 2P reserves at 31st December 2017 of 542 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.