Fairfield Energy has reached agreement with Norwest Energy NL to purchase its UK North Sea assets. The transaction is for the purchase of all of Norwest's North Sea interests comprising its 25% interest in the Cobra gas discovery and its interest in several licenses in the Inner Moray Firth.
The transaction is subject to partner, UK government and other regulatory approvals.
Fairfield's Chief Executive Officer, Mark McAllister, commented, "We are very pleased to be acquiring Norwest's UK North Sea assets. In particular, the Cobra undeveloped discovery is a strong addition to our portfolio in the Southern Gas Basin, building on our Rotliegend tight gas position in the vicinity of Clipper South."
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