Viaro Energy Announces Acquisition of Producing Assets from SSE

Source: www.gulfoilandgas.com 10/15/2021, Location: Europe

Viaro Energy, the independent British energy company operating in Europe, has announced that its wholly owned subsidiary, RockRose Energy has completed the acquisition of a number of producing assets in the UK North Sea from leading energy company SSE for a consideration of £120 million (US$164 million) with an additional contingent payment of £40 million (US$54 million).

The portfolio acquired from SSE comprises non-operated interests in over 16 producing gas fields in three regions in the North Sea: the Easington Catchment Area, the Bacton Catchment Area, and the Greater Laggan Area. The new assets are expected to produce over 15,000 boepd during 2021.

As part of the transaction, SSE will continue to provide decommissioning security for the portfolio of assets it is selling and will retain an obligation to pay 60% of the decommissioning costs when they are incurred. In addition, no vendor financing was required for the transaction.

This transaction follows Viaro’s acquisition of RockRose Energy for £247 million (US$330 million) in 2020. Viaro later acquired HALO’s interest in The Netherlands in May 2021.

The combined transaction established Viaro as a material producer on the UK Continental Shelf and Netherlands with output of approx. 33,000 boepd from more than 36 producing oil and gas fields.

Chief Executive of Viaro, Francesco Mazzagatti, commented:

‘I am delighted that we have concluded this transaction with SSE and taken this important next step for Viaro, as we build towards our target of producing 100,000 boepd. We are actively pursuing other opportunities and looking forward to announcing further progress in due course.’


Paraguay >>  11/25/2021 - President Energy, the energy company announces the completion of its farm-out of the Pirity Concession, Paraguay.

President is pleased to ...

Indonesia >>  11/24/2021 - Jadestone Energy plc ("Jadestone"), an independent oil and gas production company focused on the Asia-Pacific region, is pleased to announce the acqui...

Australia >>  11/23/2021 - Global Oil & Gas has announced that following satisfaction of the remaining conditions precedent, including all necessary shareholder and regulatory a...
Australia >>  11/22/2021 - Armour Energy has advised that the Company has agreed indicative terms with Gas2Grid for a farmin. Gas2Grid will fund 3D seismic acquisition, drilling...

Austria >>  11/22/2021 - ADX Executive Chairman, Mr Ian Tchacos, said: 'The Board of ADX is delighted to welcome Xstate to participate in our Upper Austrian exploration pro...
Cameroon >>  11/22/2021 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa, is pleased to provide the following update regarding its farm-out to...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.