Serica Energy plc has bought Spirit Energy Ltd’s remaining 15% non-operated interest in the Cygnus gas field, and producing assets in the Greater Markham Area and Southern North Sea, for £98 million. DRILLING The transaction, comprising a headline consideration of £57m and £41m of decommissioning liabilities, has an effective economic date of 1 January 2025. The […]
Tag: Cygnus gas field
Spirit completes sale of Cygnus share
Spirit Energy Ltd has completed the sale of a 46.25% interest in the Cygnus gas field to Ithaca Energy plc. INTEREST The companies announced the transaction in May 2025. Spirit will receive a headline consideration of £116 million and the transfer of £99m associated decommissioning liabilities. The company retains a 15% interest in the field while […]
Spirit sells 46.25% stake in Cygnus to Ithaca
Spirit Energy Ltd has agreed a £215 million sale of a 46.25% interest in the Cygnus gas field, 150km east of the Lincolnshire coast in the Southern North Sea. VALUE The company will retain a 15% stake while Israeli purchaser and operator Ithaca Energy plc will hold 85%. Spirit’s 2P reserves will reduce by 19.4 million […]
Neptune-Spirit bring 11th well on stream at Cygnus
Neptune Energy and its partner Spirit Energy today began production from the 11th well at its operated Cygnus gas field in the southern North Sea. SUPPLY The new well is expected to produce approximately 4,000 boepd, enough gas to heat approximately 200,000 UK homes. Together with the 10th well which came onstream earlier this year, […]
Neptune-Spirit start production from tenth Cygnus well
Joint venture partners Neptune Energy and Spirit Energy have started production from the tenth well at the Cygnus gas field in the UK Southern North Sea. EMISSIONS Operator Neptune (38.75%) said yesterday that drilling was carried out by Borr Drilling’s Prospector 1 jack-up rig. The rig is the first in Borr’s fleet to be equipped […]
Neptune begins infill drilling for tenth Cygnus well
Neptune Energy has begun work on the tenth gas well with an infill drilling campaign at its operated joint venture Cygnus gas field in the southern North Sea. GAS HEATING Cygnus partners comprise Neptune as operator (38.75%) and Spirit Energy (61.25%). The company said that the operation had the potential to unlock enough gas to […]