Amsterdam, 23 December 2014 - Amsterdam based Oil and Gas producer Oranje-Nassau Energie B.V. ('ONE') announced today that it has signed sale and purchase agreements with Shell U.K. Limited ('Shell') and Esso Exploration and Production UK Limited ('Esso') to acquire a 50 per cent interest in the Sean field, located in the UK’s Southern North Sea. The remaining 50 per cent interest in the field is held by SSE E&P UK Limited ('SSE'). ONE would also like to seek Joint Venture approval to take over operatorship of these assets.
Per the effective date of this transaction (1 July 2014), ONE’s production increases from ca 11 kboe/d to ca 19 kboe/d.
ONE’s operating and investment ambitions are backed by a strong financial position, with dedicated private shareholders and a US$ 340 million reserve based corporate loan facility from banking consortium ING / ABN AMRO / BNP Paribas / Crédit Agricole and Commonwealth Bank of Australia.
Completion of the transaction remains subject to approvals from the UK regulator / government and SSE, which is expected during the first half of 2015.
Commenting on the acquisition Alexander Berger, ONE CEO, said: “Entering the UK market as an offshore operator is a great step for ONE and shows our growth ambitions as an operating company. This acquisition builds on the strong foothold we already have in the Dutch and the UK North Sea, and positions us well to take advantage of future North Sea growth opportunities.”