Neptune Energy to buy stakes in two UK North Sea fields

First production in the Seagull development is expected before the first quarter of 2022

The Big Zero report

Neptune Energy Group is to buy two development and exploration assets in the UK North Sea from Apache North Sea Limited (ANSL).

It will acquire parent company Apache Corporation’s 35% interest in the Seagull development and a 50% stake in the Isabella prospect, both operated by ANSL.

Neptune Energy said the acquisition provides it with a low cost, near-term development in close proximity to existing infrastructure as well as an undrilled prospect in the Central North Sea.

First production in the Seagull development is expected before the first quarter of 2022 and planned drilling operations in the Isabella field is to commence next year.

CEO Jim House added: “In line with our strategy of expanding positions in key jurisdictions, Seagull and Isabella are both high quality opportunities which complement our existing assets within the broader North Sea theatre of operations.”

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