Third Energy acquires North Sea gas reservoir for £16.5m
THIRD ENERGY has agreed to acquire Atlantic Petroleum UK’s interests in a Southern North Sea gas reservoir, dubbed Pegasus Discovery, for £16.5m.
The project was a joint venture between operator Centrica, Third Energy Offshore, an Aberdeen-based subsidiary of the oil and gas exploration firm, and Atlantic.
Under the agreement Third Energy will acquire Atlantic’s 10% working interests in the drilling licenses of the areas
Of the total, £7.5m will be paid on completion and remaining payments are conditional on production from Pegasus West and development in the blocks!
The wells that North Yorkshire-based Third Energy have acquired are close to the Cavendish Field. Centrica Energy holds 55% equity and operates the drilling licenses for the section, Atlantic Petroleum holds 10% equity and the remaining 35% equity is held by Third Energy Offshore.
Third Energy is also behind a proposed application to allow drilling for shale gas in the Ryedale area of North Yorkshire.
It caused controversy over claims it would work with US contractors Halliburton, who have had to pay £1bn to settle claims over the Deepwater Horizon oil disaster and admitted destroying evidence relating to the case.
Rasik Valand, chief executive of Third Energy, said: “This transaction is the latest step in our strategy of building a successful British gas exploration and production business and building our offshore portfolio.
“This transaction increases our interest in the Pegasus area, which is an extremely promising development.
“Third Energy is of the view that the separate pools of gas that comprise the Greater Pegasus structure and additional undeveloped near-by discoveries could ultimately lead to the development of a major new gathering hub in this part of the Southern North Sea.
“We look forward to continue working with our partner Centrica on the field development plan for the Pegasus West discovery and evaluation of the Greater Pegasus area.”
