The shareholders of Reach Exploration (North Sea) Limited have entered into an agreement with First Oil Expro Limited to sell, for an undisclosed consideration, interests in the following UK North Sea blocks:
10% interest in Blocks 13/27a, 13/28b, UKCS License P1084 (Dee Discovery)
5% interest in Block 12/28, UKCS License P1265
5% interest in Blocks 12/18, 12/19b, 12/20b, 12/24, UKCS License P1266
5% interest in Blocks 12/25, 13/21b, UKCS License P1267
5% interest in Block 12/21b, UKCS License P1268
100% interest in Block 12/30, UKCS License P1400
The sale is subject to approval of governmental regulatory authorities and third party consents. Reach has also taken this opportunity to reorganize the corporate structure for ongoing operations on its remaining portfolio of Licenses in the UK North Sea, the completion of which is also subject to government and third party consents.
Harrison Lovegrove & Co. Limited acted as sole financial adviser to the shareholders of Reach Exploration (North Sea) Limited.
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