Neptune acquires two Apache assets in the North Sea

Oil and gas company Neptune Energy Group has struck a deal to acquire development and exploration assets in the UK central North Sea from Apache North Sea Limited (ANSL).

Neptune announced it had entered into a sale and purchase agreement (SPA) to acquire ANSL’S 35 per cent working interest in the Seagull development and 50 per cent working interest in the Isabella prospect.

According to the firm, the Isabella asset is considered to be one of the largest undrilled exploration opportunities in the area.

The proposed transaction is expected to be completed later this year, subject to the customary regulatory approvals.

It follows Neptune’s June announcement it is acquiring VNG Norge’s portfolio of production, development and exploration assets on the Norwegian continental shelf.

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

“The signing of the SPA with Apache, which follows the announcement in June of our agreement to acquire VNG Norge, underlines our determination to continue building a leading international independent exploration and production company.” 0 Jim House, chief executive officer at Neptune Energy