Paladin Completes Acquisition of North Sea Assets
Paladin Expro Limited has completed the acquisition from BP and Amerada Hess of a portfolio of producing interests in the Arbroath, Montrose and Arkwright Fields and surrounding acreage including the Carnoustie and Wood discoveries, located in the UK sector of the North Sea that was announced at the end of last year. Paladin has also assumed operatorship of the fields effective May 20, 2003.
The total consideration payable was US$153 million as at the effective date of January 1, 2003. As a result of adjustments for interest, for working capital as of the effective date, for cash flow movements in respect of the period between the effective date and completion, and for a deposit of US$15.3 million paid following shareholder approval in January, the consideration paid on completion was US$119.4 million, funded by drawdown from existing bank facilities.
Current production from the Arbroath, Montrose and Arkwright Fields is approximately 19,000 bopd gross (11,200 bopd net). As a result of the acquisition, Group production is expected to average 45,000 boepd in 2003, an increase of 55 percent over that achieved in 2002.
Roy Franklin, Chief Executive of Paladin, commented: 'Completion of this acquisition is a milestone in the development of the Company. The transfer of operatorship to Paladin has been achieved very effectively. That has been due, in no small part, to the efforts of our operating alliance partners, Petrofac and Helix RDS, and to the pragmatic attitude of BP, the previous operator, and its joint venture partners.'
Operates 32 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- Owners of Louisiana-Illinois Pipeline Eye Reversal Next Steps (Dec 21)
- Canadian Offshore Oil Interest Grows As Pipeline Woes Sink Alberta Prices (Dec 20)
Company: Hess Corporation more info
Operates 4 Offshore Rigs
- Hess Cutting Hundreds of Workers As It Battles Activist Investor (Jan 16)
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)
- About 75,000 Bpd Of Gulf Oil Output Still Shut After Shell Fire (Nov 15)
Company: Paladin Resources more info
- Faroe Petroleum, Dong E&P Swap Norwegian Sea Assets (May 19)
- Nido Encouraged by Early Palawan Results (Apr 02)
- Nido: Prelim NW Palawan Seismic Shows 60-plus Structures (Mar 30)