10/14/2019 | Press release | Distributed by Public on 10/14/2019 03:36
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:
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.
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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.
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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.
For further information please visit: www.neptuneenergy.com