- NEO Energy has completed the acquisition of a material cash generative portfolio of Central North Sea assets from Total
- Asset portfolio produced circa 23,000 boepd in 2019 and adds 51MMboe of reserves
3rd August 2020, Aberdeen / London – NEO Energy, the full-cycle UKCS focussed energy business, today announces 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.
– Ends –
|+44 (0)203 357 9700|
|Henry Lerwill||+44 (0)7894 608 607|
About NEO Energy
NEO Energy is an independent full-cycle North Sea operator in the UK Continental Shelf backed by HitecVision, a leading provider of institutional capital to the North Sea region’s energy industry. NEO is focused on combining value creation from the prospective North Sea basin with high Environmental, Social and Governance standards. It operates a high quality, sustainable asset base with a significant scope to grow production organically, by extending the life of its assets, and through acquisitions, to achieve production of 80-100kboe/d.
HitecVision is a leading private equity investor focused on Europe’s offshore energy industry, with USD 6.7 billion under management. HitecVision is headquartered in Stavanger, Norway, with other offices in Oslo and London. Since 1994, the HitecVision team have invested in, acquired or established more than 190 companies, including more than ten E&P companies, such as Vår Energi, the largest independent E&P company in Norway.