Canadian Natural Resources Limited Announces The Acquisition Of UK North Sea Core Properties

abarrelfullabarrelfull wrote on 17 Dec 2013 20:40

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May 19, 2004

Canadian Natural Resources Limited (“Canadian Natural”) announces that its wholly owned subsidiary, CNR International (U.K.) Limited (“CNRI”), has agreed to acquire certain light oil producing properties in the Central North Sea subject to due diligence, including inspection of offshore facilities and Government, Partner and regulatory approvals.

The acquired properties comprise operated interests in T-Block (Tiffany, Toni and Thelma fields) and B-Block (Balmoral, Stirling and Glamis fields), together with associated production facilities and adjacent exploration acreage. CNRI equity interests in the producing fields being acquired will be:

  • T-Block: Tiffany, Toni, Thelma 88.74%
  • B-Block: Balmoral 70.20%, Glamis 75.29%, Stirling 68.68%

The acquisition will not result in a material change to the Company’s previously announced forecasted year end debt levels or financial ratios. Upon final closing of the transaction Canadian Natural will update its production guidance for the year.

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