Neptune Energy to Acquire North Sea Interests from Apache
Neptune Energy Group announced Monday that it has agreed to acquire certain development and exploration assets in the UK Central North Sea from Apache North Sea Limited.
Under the deal, Neptune will acquire Apache’s 35 percent working interest in the Seagull development and a 50 percent working interest in the Isabella prospect, both of which are operated by Apache North Sea.
The proposed transaction is subject to customary regulatory approvals. Completion is expected this year, according to a statement published on Neptune Energy’s website.
“In line with our strategy of expanding positions in key jurisdictions, Seagull and Isabella are both high quality opportunities which complement our existing assets within the broader North Sea theatre of operations,” Jim House, Neptune Energy Group CEO, said in a company statement.
“We are extremely pleased to announce our second acquisition since the completion of the ENGIE E&P transaction last February. The signing of the SPA with Apache, which follows the announcement in June of our agreement to acquire VNG Norge, underlines our determination to continue building a leading international independent exploration and production company,” he added.
On February 15, Neptune announced the completion of the acquisition of ENGIE E&P International SA, which saw Neptune become an international independent exploration company across the North Sea, North Africa and South East Asia.
On June 28, Neptune agreed to acquire 100 percent of the shares of VNG Norge AS from VNG AG, the German natural gas wholesaler and energy service provider.
Neptune has interests in 268 licenses worldwide, according to its website, which states that the firm’s aim is “to build an exploration and production company with material scale, operating capability and options for ultimate value realization”.
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