Fairfield Energy Announces Formation of North Sea Company and Acquisition of Assets

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7 November 2005

Fairfield Energy Limited (“Fairfield”), a newly-formed UK-based oil exploration and production company, announced today that it has successfully secured provisional commitments totaling up to $200 million from management and a syndicate of private equity investors, led by Warburg Pincus, the global private equity firm, and including SGAM/4D Global Energy Development Capital Fund and KERN Energy Partners I Fund among others. Fairfield also announced that it has agreed to acquire certain subsidiary companies from Acorn Oil & Gas Ltd., which include Acorn’s interests in the abandoned Maureen and Crawford fields.

Initially, Fairfield Energy will target the appraisal of blocks containing the Maureen and Crawford fields in the Central and Northern North Sea with the intent of sanctioning new developments in 2006/7. The Maureen partnership, with Apache North Sea as Operator, recently acquired new 3D seismic data over the field and plans a multi-well appraisal programme for 2006.

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