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Neptune Energy Acquires North Sea assets from Energean

Gasoil News - Published on Wed, 16 Oct 2019

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Neptune Energy 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 USD 250 million. 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 MMboe of 2P reserves and near-term production in core areas of the North Sea close to infrastructure. It includes: Glengorm gas condensate discovery in the UK’s Central North Sea, close to Neptune’s operated Seagull project. Glengorm is an additional contingent resource.

Nova gas development project 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% 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% WI) & Telford (15.7% WI), Tors (68% WI), Wenlock (80% WI) and Markham (3.1% WI): combined incremental non-operated production of 3,000 boepd in 2019. Tors is strategically important to the Neptune-operated Cygnus field due to the shared export route.

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Posted By : Rabi Wangkhem on Wed, 16 Oct 2019
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