Tullow Completes Schooner and Ketch Transaction
Tullow Oil has completed the acquisition, from Shell U.K. Limited and Esso Exploration and Production UK Limited, of their entire producing interests in the Schooner and Ketch gas fields and associated acreage. Tullow has also now assumed operatorship of both fields. This transaction was first announced on December 20, 2004.
The total consideration for the transaction is £200 million, inclusive of capital allowances, which has been financed through a combination of bank debt and internal resources. The revenues and activities of Schooner and Ketch will be recognised in Tullow's accounts with effect from 1 April 2005.
The producing interests acquired comprise a 90.35% interest in the Schooner field and a 100% interest in the Ketch field. The fields have been in production since 1996 and 1999 respectively, with gas transported to the Theddlethorpe terminal via the Caister-Murdoch System ("CMS") infrastructure in which Tullow has a 17% interest. In addition to the producing assets, Tullow has also acquired minority interests in the Topaz, Marjan, and 44/27-1 discoveries.
An update outlining Tullow's anticipated work program for these assets will be provided as part of the Group's annual results presentation on April 12, 2005.
Aidan Heavey, Tullow's Chief Executive commented:
"We are delighted to have completed the Schooner and Ketch acquisition, enhancing our already significant acreage position in this part of the Southern North Sea. We look forward to taking control of the assets and commencing a work programme designed to materially increase production and reserve recovery over the coming years."
Operates 13 Offshore Rigs
- ExxonMobil Says Julia, Hadrian South Operations Back To Normal After Nate (Oct 10)
- Iraq's Talks with Exxon on Southern Oilfields in Final Stages-Minister (Oct 09)
- U.S. Gulf Oil Producers Start Evacuating Staff Ahead of Tropical Storm Nate (Oct 05)
Company: Shell more info
Operates 27 Offshore Rigs
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Shell, Varo End Talks on Germany Refinery Stake Sale (Oct 06)
Company: Tullow Oil more info
Operates 1 Offshore Rigs
- Tullow Oil Signs Exploration Contracts Offshore Ivory Coast (Oct 11)
- Britain's Tullow Launches Oil, Gas Exploration In Zambia (Aug 11)
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)