Zennor Petroleum Ltd has reported that on 20 February 2016, it entered into a Conditional Sale and Purchase Agreement with the joint administrators of First Oil Expro Ltd to acquire subsidiary companies First Oil & Gas Ltd and Antrim Resources Ltd. These companies contain interests in the North Sea producing fields:
- Mungo & Monan (Licence P059).
- Bacchus (Licence P255).
- Cormorant East (Licence P201).
- Causeway (Licence P1383).
Additionally, Zennor Petroleum’s wholly-owned subsidiary, Zennor North Sea Ltd, has entered into an Asset Purchase Agreement to acquire First Oil’s remaining interest in Cormorant East in addition to its interest in two undeveloped discoveries, Glenn (Licence P244 JR) and Platypus (Licence P1214).
These acquisitions fit with Zennor’s growth strategy and form an important part of its plans to become a full cycle exploration and production Company operating offshore, North-West Europe.
Martin Rowe, Managing Director, commented: “We are pleased to have been able to work with the key stakeholders in First Oil, including the management and joint administrators, to execute this transaction. These agreements not only add material production volumes and reserves to Zennor, but also enable the Company to continue focusing on the commercialisation of discovered resources.”
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/24022016/zennor-petroleum-acquires-north-sea-assets-from-first-oil-expro-2569/