Neptune acquires Edison’s portfolioSource: Pixabay

Neptune acquires Edison’s portfolio

Neptune Energy has announced it has entered into a conditional Sale and Purchase Agreement with Energean Oil and Gas to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets for $250 million.

The portfolio includes:

  • Glengorm gas condensate discovery (25% WI) in the UK’s Central North Sea, close to Neptune’s operated Seagull Glengorm is an additional contingent resource.
  • Scott (10.5% WI) & Telford (15.7% WI), Tors (68% WI), Wenlock (80% WI) and Markham (3.1% WI): combined incremental non-operated production of 3,000 boepd in 2019. Tors is strategically important to the Neptune-operated Cygnus field due to the shared export route.

Scott – Telford and Glengorm assets overview. Source: Energean

  • Nova gas development project (15% WI) in the Norwegian North Sea: Nova is being developed as a subsea tie-back to the Neptune-operated Gjøa Production is expected from 2021, with estimated net 2P reserves of more than 11 MMboe.
  • Dvalin (10% WI) gas development project in the Norwegian North Sea: developed as a subsea tie-back to Heidrun, the four gas wells are expected to be drilled from the end of 2019, with first gas expected by the end of 2020. Net 2P reserves are estimated at more than 11 MMboe.

Nova and Dvalin assets overview. Source: Energean

“The assets are an excellent fit with our North Sea portfolio. Nova and Dvalin are expected to add 12,000 boepd to our production base over the next two years and Glengorm adds significant potential for the longer term”, Jim House, CEO of Neptune, said.

Press release