TAQA reaches a conditional agreement to acquire North Sea assets from Premier

abarrelfullabarrelfull wrote on 16 Nov 2011 14:08
Tags: deals north-sea premier taqa uk

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TAQA Bratani Limited (“TAQA Bratani”), the UK subsidiary of Abu Dhabi National Energy Company PJSC, has agreed to purchase from Premier Oil plc (“Premier”) certain assets that Premier will acquire following completion of its acquisition of Encore Oil plc. Under the agreement, TAQA will acquire a 16.6% per cent working interest in the Sterling-operated Cladhan area that is located in Blocks 210/29a and 210/30a in the Northern North Sea 17.5 km southwest of the TAQA operated Tern platform, for a consideration of $54.8 million including an allocation for tax allowances. TAQA has also agreed to farm-in to Blocks 28/5, 29/1d and 28/10a located in the Central North Sea.

Leo Koot, TAQA Bratani's managing director, said: “This agreement reinforces TAQA’s commitment to the North Sea. Cladhan is located adjacent to our existing operations in the Northern North Sea and it is a significant development in the area. The farm-in which includes access to the Coaster prospect, speaks to a further expectation of TAQA's strategy. We are eager to expand our exploration portfolio to include high quality opportunities outside our existing core area. We anticipate drilling the Coaster prospect with Premier next year.”

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