ARCO, PanCanadian and Oranje Nassau Agree Asset Exchange

abarrelfullabarrelfull wrote on 07 Aug 2012 13:05

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20 October 1998

ARCO British Limited has recently agreed to exchanges of licence interests through execution of separate agreements with PanCanadian North Sea Limited and Oranje-Nassau Petroleum Search B.V. (a 100% subsidiary of Oranje-Nassau Energie B.V.). The exchanges involve interests in the Waveney gas field which just came on stream.

ARCO will acquire PanCanadian's entire 14.2857% interest in Production Licence P780, blocks 48/16c and 48/17c (which encompasses the Waveney field), and in return will transfer to PanCanadian a 10.00% interest in Production Licence P200, block 20/10a, and pay a cash consideration.

Oranje-Nassau will acquire from ARCO a 14.00% interest in Production Licence P780 (as above), and in return will transfer to ARCO its entire 8.888% interest in Production Licence P747, block 22/22c, and pay a cash consideration.

As a consequence the equity interests in the Waveney Field, which has just entered production after a fast track development, will be ARCO 86.00%, Oranje-Nassau 14.00%.

Completion of the transactions is subject to the consent of the Secretary of State for Trade and Industry and to partner approvals.

ARCO's Managing Director David McManus said, "We welcome Oranje-Nassau to our newest operated field, Waveney, and we thank PanCandian for being a very supportive partner during the fast track development phase of the project. We look forward to working together with Oranje-Nassau in Waveney, and to continuing our solid relationship with PanCandian in the 20/10a and 22/22c exploration blocks".

"This transaction will allow PanCanadian to redeploy development capital from a non core area to support our efforts in building a core business in the Central Graben," said Paul Ellis, Pan Canadian's Senior Vice President International. "The acquisition of an interest in Block 20/10a complements Pan Canadian's plans to pursue exploration opportunities in this part of the North Sea."

The revised interests are:-
Licence Party Existing % Interest Revised % Interest

P780 ARCO 85.7143% 86.00%
PanCanadian 14.2857% 0%
Oranje-Nassau 0% 14.00%

P200 ARCO 70.00% 60.00%
PanCanadian 0% 10.00%
Ranger 11.1734% 11.1734%
Amerada Hess 18.8266% 18.8266%

Area A Area B Area A Area B
P747 Oranje-Nassau 8.888% 8.888% 0% 0%
ARCO 0% 0% 8.888% 8.888%
Marathon 53.336% 53.336% 53.336% 53.336%
PanCanadian 10.000% 20.000% 10.000% 20.000%
Petrobras 13.366% 13.366% 13.366% 13.366%
Edinburgh Oil & Gas 4.440% 4.440% 4.440% 4.440%
Deminex 10.000% 0% 10.000% 0%
ARCO British Limited is a wholly-owned subsidiary of Los Angeles-based ARCO (NYSE: ARC)

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