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NEO Energy Completes Acquisition of UK North Sea assets from Total

Gasoil News - Published on Tue, 11 Aug 2020

Image Source: NEO Energy Total
Full-cycle UKCS focused energy platform NEO Energy announced the completion of the acquisition of a portfolio of operated and non-operated assets in the UK North Sea from Total Oil UK Ltd and Total E&P North Sea UK Ltd. The transaction consists of a material, cash generative portfolio of assets in four producing areas of the UK North Sea, with an average 2019 production of approximately 23,000 boepd and substantial development upside. In addition, the portfolio adds reserves of c. 51 MMboe to NEO Energy. The transaction includes operatorship of two asset clusters, the Quad 15 and Flyndre areas, and an operator organisation of more than 60 highly experienced employees and contractors.

NEO Energy announced the completion of the acquisition of a portfolio of operated and non-operated assets in the UK North Sea from Total Oil UK Ltd and Total E&P North Sea UK Ltd.

The transaction consists of a material, cash generative portfolio of assets in four producing areas of the UK North Sea, with an average 2019 production of approximately 23,000 boepd and substantial development upside. In addition, the portfolio adds reserves of c. 51 MMboe to NEO Energy. The transaction includes operatorship of two asset clusters, the Quad 15 and Flyndre areas, and an operator organisation of more than 60 highly experienced employees and contractors.

NEO enjoys strong institutional support from HitecVision, the leading provider of capital to the North Sea region’s energy industry. HitecVision has been investing in the region for more than three decades, building successful companies such as Vår Energi, the largest independent E&P company on the Norwegian continental shelf.

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Posted By : Yogender Pancholi on Tue, 11 Aug 2020
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