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: Southern North Sea
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 […]
Orcadian acquires HALO shares
Orcadian Energy plc has acquired for an undisclosed sum all of the ordinary shares of Hague and London Oil Offshore UK Ltd from the joint liquidators of Hague and London Oil plc (HALO). LOSSES HALO previously held a number of licences across the southern North Sea, including “participation” in wells on Pegasus and Andromeda and […]
Hartshead wins new North Sea licences
Hartshead Resources NL, which in April reduced its workforce, has won six new oil and gas licences covering 10 blocks in the southern North Sea. ACREAGE The Australian company has accepted three licences and is awaiting grant of a further three from the North Sea Transition Authority’s 33rd licensing round. Five licences consisting of nine […]
Orcadian delays action over debt payment
Orcadian Energy plc faces no action until the end of August for missing the deadline to pay $1.43 million debt to Shell International Trading and Shipping Company Ltd (Stasco). OBLIGATIONS The amount owed will be settled from payment due under a proposed farm-in or joint venture on Orcadian’s southern North Sea Earlham discovery. The company […]
Orcadian secures £1.15m loan to repay Shell
Orcadian Energy plc has secured a two-year £1.15 million loan with an as yet unnamed industry partner to repay the outstanding £1m loan to Shell. The loan will settle from the completion payment due under a proposed farm-in or joint venture on Orcadian’s recently offered southern North Sea licence. Interest, of between 6% and 9%, […]