Oranje-Nassau Energie Completes Acquisition of UK Assets
Tuesday 2 June 2015
Amsterdam based Oil and Gas producer Oranje-Nassau Energie B.V. ("ONE") announced today the successful completion of the acquisition of a 50 per cent interest in the Sean field. ONE has taken over operatorship of the Sean platform from Shell on 1 June 2015 and has opened an office in Norwich to support its operations. The Sean field is located in the UK's Southern North Sea. The remaining 50 per cent interest in the field is held by SSE E&P UK Limited.
The acquisition, which increases ONE's total production to over 20 kboe/d, marks ONE's entry into the UK sector as an operator. The company is on track with its long term reserve base growth strategy.
ONE's operating and investment ambitions are backed by a strong financial position, with dedicated private shareholders and a US$ 340 million reserve based corporate loan facility from banking consortium ING / ABN AMRO / BNP Paribas / Crédit Agricole and Commonwealth Bank of Australia.
Commenting on the completion of the deal, Alexander Berger, Oranje Nassue Energie's CEO, said: "Our ambition is to become the preferred Southern and Central North Sea operator. We are optimistic about the growth prospects of the Sean area and believe that our experience, coupled with our strong balance sheet makes us well positioned to capitalise on other opportunities."