Third Energy Offshore Ltd’s portfolio includes interests in the Greater Pegasus Area (45%), and the high impact Andromeda prospect in the Southern North Sea.
According to Andrew Cochran, Chairman and Interim Chief Executive of Hague and London Oil plc this deal is a big change for the company: “This is a new country entry and a material expansion of our portfolio with respect to reserves, resources and, eventually, production; all of which fully complement our existing natural gas operations in the Dutch sector.”
The proposed development of the Pegasus field, operated by Spirit Energy, is via tie-back of the Pegasus West well (43/13b-7) to the Neptune Energy-operated Cygnus gas development. First gas is predicted for Q4 2021.
Hague and London Oil is an oil and gas company, which is primarily focused on the Southern North Sea, with a diverse portfolio of offshore and onshore producing, development and exploration assets. The Group has 2P reserves in excess of 10 mmboe, more than 20 mmboe in contingent resource with interests in 17 different licenses offshore Netherlands as well as associated pipelines and infrastructure.