Oranje-Nassau Acquires Interests In Producing Oil Fields In The UK

Oranje-Nassau (U.K.) Limited, a subsidiary of Oranje-Nassau Energie B.V., has signed a Sale and Purchase Agreement with Agip (U.K.) Limited and Agip (UKCS) Limited, affiliates of Eni, for the purchase of Agip's interests in three producing oil fields located in the UK's Central North Sea.

Oranje-Nassau will acquire a 20% interest in Cook (operated by Shell), an 18.2% interest in Janice (operated by Kerr McGee) and a 3.7% interest in Pierce (operated by Shell). In addition the transaction includes Agip's 6.3% interest in Chestnut.

The acquisition is subject to the approval of the UK Government and co-ventures' consent. The investment is part of Oranje-Nassau's strategy to further expand its existing portfolio of oil and gas assets by acquiring proven reserves.