Tuesday 2 October 2018

Neptune Energy Group announced the closing of the acquisition of VNG Norge AS, as signed on 28 June.

The transaction adds three producing fields, two development projects and 42 licences to Neptune Energy’s existing portfolio, consolidating the company amongst the top five independent producers on the Norwegian Continental Shelf, by equity production.

The VNG Norge asset base is highly complementary to Neptune Energy’s existing Norwegian portfolio, strengthening its equity position in the greater Njord area to 22.5 per cent in Njord itself as well as a 30 per cent interest in, and operatorship of, the Fenja development project. Fenja is a sub-sea development, which will be produced as a tie-back to the Njord production hub, and is scheduled to come on stream in 2021.

VNG Norge net production for 2017 was 4,000 boepd with a significant ramp up by 2022 as new production comes onstream. Net reserves and resources were more than 50 mmboe as of 31 December 2017.