Neptune Energy has agreed to buy Edison Exploration & Production’s upstream assets offshore the UK and Norway from Energean Oil & Gas, which has a conditional agreement to acquire Edison E&P (OGJ Online, July 8, 2019).
Neptune’s acquisition, with an initial cash consideration of $250 million, is contingent on completion of the Energean-Edison deal. Neptune might pay an additional $30 million related to future reserves additions at Glengorm or Isabella fields.
Neptune expects to acquire a total of 30 million boe of proved and probable oil and gas reserves.
The assets include:
• A 25% working interest in the Glengorm gas condensate discovery operated by CNOOC Petroleum Europe Ltd. in the Central UK North Sea, which is near the Seagull project operated by Neptune (OGJ Online, July 23, 2019).
• A 15% working interest in the Nova gas development operated by Wintershall Dea in the Norwegian North Sea, which is being developed as a subsea tie-back to Gjoa field operated by Neptune (OGJ Online, Aug. 6, 2019).
• A 10% working interest in Wintershall Dea’s Dvalin subsea gas development project in the Norwegian North Sea, to be tied back to the Heidrun platform (OGJ Online, Aug. 13, 2019).
Other fields in which Neptune will gain interests are Scott, 10.5%; Telford, 15.7%; Tors, 68%; Wenlock, 80%; and Markham, 3.1%.
