Fairfield to Acquire Shell and Esso Interests in North Sea

Fairfield Energy reported Thursday that it has entered into exclusive negotiations with Shell UK and Esso Exploration and Production UK to acquire their combined 56.8 % interest in the Dunlin and Dunlin Southwest fields, 97.6 % interest in the Merlin field and 100 % interest in the Osprey field in the Northern North Sea.

The transaction is conditional on agreement of the final terms of the acquisition and will be subject to co-venturer and UK government approvals. The parties have agreed not to disclose a purchase price.

Assuming successful completion of the transaction and requisite approvals, Fairfield is expected to assume Operatorship later this year. The transaction will significantly expand Fairfield's existing presence in the UKCS. The company is currently active in the appraisal of the abandoned Maureen and Crawford fields and plans to drill an appraisal well on Crawford during 2007.

Mark McAllister, Fairfield CEO, said: "The combined Dunlin, Merlin and Osprey acquisition represents a major step in the establishment of Fairfield as a UK independent of scale and substance. We have been working for over a year to develop a deep understanding of these assets, assisted by AMEC.

"The current partnership has invested heavily over the last few years to assure the long-term integrity of the Dunlin facilities. We shall continue this process and also undertake a drilling campaign on all of the fields which we believe will deliver significant increases in recoverable reserves and production volumes."

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