Viaro Energy, the independent British energy company operating in Europe, has announced the signing of a Sale and Purchase Agreement with NAM for the acquisition of an additional stake in the F5/F4A East licences in the Netherlands.
Viaro will acquire a 10 per cent share of the F5/F4a East licences from NAM, which may reduce to 4 per cent if Neptune F5A operator pre-empts the transaction. Following completion and assuming no pre-emption, Viaro’s stake in the licences will be 31.67 per cent.
The effective date of the transaction is 1 July 2021.
As a condition of the agreement, NAM will immediately approve the AFE for the upcoming F5-6 exploration well, targeting 98 BCF (2.6 BCM) gross of P50 resources. The well will target the F5-A shallow gas prospect of Tertiary Pleistocene age, analogous to the highly successful AB Unit gas fields which Viaro holds a 14.6% equity interest in. The well is expected to be drilled in November 2021.
Following completion of the transaction, the licence holders will be: Viaro Energy 31.67%, Neptune Energy (operator) 28.33% and EBN 40%.
Francesco Mazzagatti, CEO of Viaro Energy, commented:
'We are pleased to increase our stake in these licences and be able to immediately confirm the F5-6 well. We look forward to drilling that with our partners and progressing activities on the licence.’
Viaro has operated and non-operated interests in a broad portfolio of assets including but not limited to assets in the Southern North Sea, Central North Sea and the Netherlands.
Viaro entered the Netherlands through the acquisition of Dyas BV in 2018. Its key assets are non-operated interests in the A&B Blocks, the K4b-K5a area and the Hanze oil field. The Company also has interests in several other non-operated assets, both offshore and onshore, including the Rijn field, P&Q Blocks and the Markham Area.
Viaro’s operations in the Central North Sea consist of non-operated interests in the Nelson and Howe fields, and the Blake and Ross fields. The non-operated interests were acquired from Idemitsu in 2017. Viaro also has non-operated interests in producing fields in the Southern Gas Basin of the UK North Sea, these include Grove and Seven Seas, which were purchased from Sojitz Energy in 2017 as the Company built out its portfolio of producing assets. Viaro has an interest in the new development Arran Field where first gas is expected imminently.