Bayerngas UK Buys Centrica’s Stake in License P456
- Business & Finance
Bayerngas UK Ltd today announced it has agreed to purchase from Centrica Resources Ltd their 13% interest in UKCS License P456 containing the Babbage Gas Field.
The Field is located in UKCS Block 42/2a in the Southern North Sea and came on-stream in 2010. Current production is from three wells. A second phase of drilling is nearing completion with two more wells expected to increase production before the end of 2013. The effective date of the transaction, which remains subject to regulatory consent, is 1st January 2013. Subject to completion of the transaction, the partners in the license will be E.ON 47% (Operator); Dana Petroleum 40% and Bayerngas 13%. The purchase price has not been disclosed.
Speaking for Bayerngas UK Ltd, Managing Director Gerry Harrison said: “We are delighted to reach agreement with Centrica to purchase this asset. Although relatively small, it complements our existing UK production at Clipper South and our major development project, Cygnus. It also allows us to join strong and experienced partners to evaluate further potential in the license. Together with our existing exploration portfolio, which we will start to test with our first exploration well early next year, we are building a solid UK business.”