UK: Chrysaor closes acquisition of Spirit Energy’s Armada area fields
North Sea oil & gas independent Chrysaor has completed the acquisition of Spirit Energy’s entire interests in the Armada, Maria and Seymour fields offshore the UK.
Chrysaor entered into a deal with Spirit Energy to buy a 23.58 percent stake in the Armada area, consisting of Drake Fleming & Hawkins fields, and stakes in Maria (64%) and Seymour (43%) fields back in March 2018.
Following the completion of the deal, Chrysaor said on Monday that, as part of the transaction, Spirit Energy will retain associated liability for decommissioning subject to a cap.
It is worth reminding that, on April 27, 2018, Chrysaor announced an innovative partnership with Baker Hughes, a GE company, and a contract for the Rowan Gorilla VII ultra-harsh environment jack-up rig, for a multi-well development drilling campaign across the Armada fields.
The new service partnership contract with BHGE covers the drilling, completion and subsea tie-in of development wells on Chrysaor’s operated assets, with BHGE supplying well services and equipment from its fullstream portfolio,
Phil Kirk, Chief Executive of Chrysaor, said: “We have completed this acquisition ahead of time and Chrysaor now owns 100% of the Armada area.
“With the RG7 in place to commence drilling, and the award of acreage in the 30th Licensing Round containing multiple discoveries near to Armada and our other platforms, our focus now is on realizing the full potential of this extensive group of assets.”