Hague and London Oil Plc: Acquisition of Third Energy Offshore Ltd and Interim Update
Thursday 20 September 2018
Hague and London Oil plc, the oil and gas company with a diverse portfolio of production, development, appraisal and exploration assets currently focused in the Dutch sector of the Southern North Sea, announced that it has entered into an agreement for the conditional acquisition of the entire share capital of Third Energy Offshore Ltd. Consideration for the acquisition will be made up of 19.25% of the post-completion share capital of HALO. Third Energy Offshore Ltd’s portfolio includes interests in the Greater Pegasus Area (45%), and the high impact Andromeda prospect in the Southern North Sea.
Subject to the satisfaction of conditions precedent, HALO is to acquire the assets through the purchase by its wholly owned subsidiary, Hague and London Oil B.V. ("HALO B.V."), of the entire issued share capital of Third Energy Offshore Ltd.