Centrica Plc has reached an agreement with Total E&P UK Ltd to acquire their non-operated portfolio of producing oil and gas assets and associated infrastructure in the Central North Sea (CNS) for a total cash consideration of $388 million. Around 20% of the consideration is allocated to UK tax allowances. The transaction is effective 1-Jul-2011 and is expected to close on a field by field basis with earliest closing date expected to be in Jul-2012, subject to necessary approvals. Scotia Waterous has acted as an advisor to Total on this transaction. Continue reading here..
Centrica has entered into an agreement to acquire an additional 12% interest in production licence 433 in the Norwegian North Sea from North Energy for NOK 70 million (US$12.178 million). The effective date of the transaction is 1-Jan-2012. Subject to approval by Norwegian authorities, it is expected to complete in Q2-2012. Continue reading here..
Iona Energy has signed an agreement to acquire 58.73% WI, including operatorship, in the West Wick oil discovery on UK Block 13/21a from Centrica Venture Production Company for $8.15 million. Iona will pay a deposit of $3.15 million, and on completion will pay the remaining $5 million. Post-transaction ownership structure of the block – Iona Energy (58.73%, operator) and Idemitsu (41.27%). Continue reading here...
In the deal announced today, Centrica has acquired Reserves estimated at 36 MMBOE for a consideration of $223 million, which yield an effective $/2P BOE of $6.19. This metric is approximately 20% lower than the one seen in the Centrica – Shell deal of Sep-2010 at $7.85 ($225 million for 28.67 MMBOE). Continue reading here..
Centrica Plc has reached an agreement with ConocoPhillips to acquire its non-operated interests in the gas and oil producing Statfjord field and associated satellites for a total cash consideration of US$223 million, including US$103 million attributable to historic tax allowances. Continue reading here..
