Perenco Completes North Sea Acquisition

Perenco has completed the purchase of a number of produccing gas fields in the UK Southern North Sea from ExxonMobil in the form of asset acquisitions from Mobil North Sea Limited and the purchase of the share capital of Superior Oil (U.K.) Limited (which has been renamed Perenco Gas (U.K.) Limited) In addiction it has become the operator for the following producing fields : Thames, Gawain, Arthur, Lancelot, Guinevere, Excalibur, Galahad and Mordred.

Perenco will integrate the operation of its newly acquired fields in its existing Great Yarmouth based organisation. As a result Perenco will be operator for a total of approximately 400 mmscfd of production from 17 fields involting a workforce of 480 employees and contractors. It also operates a natural gas receiving terminal at Bacton. This will make Perenco one of the largest operators in this region.

With the benefit of this expanded portfolio Perenco expects to be able to imrove operational and economic efficiency which will lead to an extension of the productive life and reserves of some of the fields involved.