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Shell to Shed Egyptian Assets for up to $926mn
Mar 9, 2021 7:40:am
Summary
by: Joe Murphy
Posted in:
Shell to Shed Egyptian Assets for up to $926mn
Anglo-Dutch Shell has announced the sale of its interests in a package of onshore exploration and production assets in Egypt s Western Desert region for $646mn, plus up to $280mn in contingent payments, to UK operator Cairn Energy and Egyptian partner Cheiron, the companies said on March 9.
Cairn, meanwhile, has struck a deal to sell its interests in the Catcher and Kraken fields in the UK North Sea for $460mn plus contingent payments to Aberdeen-based Waldorf Production.
UK North Sea consolidation gathers pace
Two more deals see focused new entrants gain size as sellers exit
The UK continental shelf (UKCS) is considerably less consolidated than its counterpart on the Norwegian side of the maritime border. But M&A trends are seeing continued growth of players with narrow focus on the basin, while those for whom the UKCS is just one part of a portfolio step back.
The latest transactions have seen further expansion of the footprints of two Norwegian-backed firms Neo Energy, a vehicle of private equity (PE) firm HitecVision, and Waldorf Production, led by Erik Brodahl, another Norwegian oil and gas PE veteran. Neo is buying UK independent Zennor Petroleum for up to $625mn, including deferred and contingent payments, marking the North Sea exit of Zennor’s PE bac
Kerogen Capital announces sale of Zennor Petroleum to NEO Energy
édité le 09/03/2021 - Plus de news de Zennor Petroleum - Voir la fiche entreprise de Zennor Petroleum
Kerogen Capital (Kerogen) and Zennor Petroleum Limited (Zennor) are pleased to announce that Kerogen has reached an agreement with NEO Energy Upstream UK Limited (NEO) and HitecVision for the sale of Zennor for a total consideration of up to $625 million, including deferred and contingent payments. The transaction completion is subject to customary regulatory approvals.
Since Kerogens initial investment in 2015, Zennor has transformed from an early-stage exploration company into a full-cycle E&P player in the UK North Sea through successful appraisal and development of the Finlaggan field, two separate producing asset acquisitions and multiple licence awards in the offshore licensing rounds. In January 2021 Zennor and Kerogen announced its Net Zero Carbon Strategy.