© Supplied by Neo Energy
Russell Alton, NEO Energy s chief executive officer
Aberdeen’s NEO Energy has agreed to acquire rival UK North Sea exploration and production company Zennor Petroleum in a deal worth up to £450 million.
The acquisition will provide the company with a portfolio of assets in the Central and Northern North Sea, centred around the Britannia and Eastern Trough Area Project (ETAP) production hubs.
The transactions will see Neo Energy’s output raise from 30,000 to around 80,000 barrels of oil equivalent (boe) per day in 2021.
Aberdeen and London-based Neo’s purchase of Zennor from Kerogen Capital will also add 40 million barrels of reserves and 90 million barrels of contingent resources to its portfolio.
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