Enterprise Sells North Sea Assets to Consort Resources

Enterprise Oil has agreed to sell a package of Southern North Sea assets to Consort Resources Limited for a consideration of £28 million.

The assets, purchased by Enterprise as part of its acquisition completed in August of Petrobras's UK holdings, include interests in the Johnston and Anglia producing fields and the Orca/Beta potential gas development.

Enterprise will sell to Consort, subject to government and other consents, its shares in Enterprise Oil North Sea Limited, formerly Petrobras North Sea Limited, and its interest in License P.611, which contains the Orca/Beta fields. The effective date for the agreement is 1 January 2001 and the sale is expected to be completed by the end of the year.