Pengrowth Completes Acquisition of Stake in SOEP Platforms
|Friday, January 02, 2004
Pengrowth Corporation, administrator of Pengrowth Energy Trust, has closed the previously announced acquisition of an 8.4% working interest in the Sable Offshore Energy Project ("SOEP") offshore platforms and associated sub-sea field gathering lines from Emera Offshore Energy Inc., and has exchanged its royalty interest for a working interest in the SOEP reserves.
As a result, Pengrowth now holds an 8.4% interest in the total SOEP project, including the natural gas and liquids reserves and the related infrastructure required to transport and process the gas and liquids production, and will participate directly in the SOEP project along with the other SOEP owners.
Combined with the acquisition of the onshore processing facilities in May, the current purchase results in a reduction of Pengrowth's SOEP processing fees and associated costs of approximately Cdn $30 million annually.