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Completion of Acquisition of UK North Sea Assets from Total

Source: www.gulfoilandgas.com 8/3/2020, Location: Europe

NEO Energy,the full-cycle UKCS focussed energy platform, has announced the completion of the acquisition of a portfolio of operated and non-operated assets in the UK North Sea from Total Oil UK Ltd and Total E&P North Sea UK Ltd (“Total”).

The transaction consists of a material, cash generative portfolio of assets in four producing areas of the UK North Sea, with an average 2019 production of approximately 23,000 boepd and substantial development upside. In addition, the portfolio adds reserves of c. 51 MMboe to NEO Energy. The transaction includes operatorship of two asset clusters, the Quad 15 and Flyndre areas, and an operator organisation of more than 60 highly experienced employees and contractors.

Paul Harris, COO and Interim CEO of NEO Energy, commented: “The expeditious completion of this transaction is a major milestone for NEO Energy as we build a next generation North Sea operator. I am extremely excited by the quality of both the asset portfolio and the group of over 60 outstanding professionals we have assembled.

We have quickly established NEO as a leading UKCS independent with a solid platform from which to continue to deliver our sustainable growth strategy. Underpinned by a meaningful production base and development opportunities, I look forward to embarking on this next chapter in NEO’s development.”

NEO enjoys strong institutional support from HitecVision, the leading provider of capital to the North Sea region’s energy industry. HitecVision has been investing in the region for more than three decades, building successful companies such as Vår Energi, the largest independent E&P company on the Norwegian continental shelf.

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