Zenith Pure Oil successfully closed its second North Sea acquisition
Zenith Pure Oil Hungarian Oil and Gas Plc. hereby informs the capital market participants that it has successfully closed the previously announced deal with Premier Oil UK Limited (“Premier”) regarding acquisition of Premier’s interest in 6 licences located in the UK Central North Sea area. The portfolio includes non-operated equity stakes in Scott (21.84% unitised Working Interest (“WI”), Rochelle (15% unitised WI) and Telford (1.59% unitised WI) producing fields, as well as participating interest in exploration licences including the Rochelle Upper Jurassic deep prospect.
The acquisition is estimated to increase Zenith Pure Oil’s 2P reserves by 14 MMboe, while the year-to-date 2014 total WI saleable production of above-mentioned assets has averaged 3.7 mboepd. Prospective resources (7 MMboe, unrisked) provide an additional upside potential.
Alexander Dodds, Group Executive Vice President for Upstream added:
“This transaction extends the presence of Zenith Pure Oil on the global map of offshore E&P in a stable lower risk area. Moreover, together with Zenith Pure Oil’s already existing assets in the UK North Sea, this transaction will combine to create considerable operational synergies.”
Further information about the details of the deal is available at https://zenithpureoil.com/investor-relations/investor-news/zen-extends-its-upstream-portfolio-in-the-central-north-sea.