Waldorf Production Limited said it has entered into a binding Sale and Purchase Agreement with a wholly owned subsidiary of Shorelight Partners for the acquisition of Alpha Petroleum Resources Limited.
The acquisition is coming less a month precisely in 23 March, 2022 after the company announced that it has entered into a binding Sale and Purchase Agreement with a wholly owned subsidiary of MOL Hungarian Oil and Gas Plc for the acquisition of certain of MOL’s UK subsidiaries comprising their entire UKCS business.
The key UKCS assets being acquired include non-operated interests of 20% in the Greater Catcher Area 50% in the Scolty and Crathes fields as well as 21.83% in the Scott and 1.59% in the Telford licences. The transaction has an economic effective date of 1 January 2021, with completion currently expected in the second half of 2022.
The subsidiaries and assets being acquired will continue to be held by the Company after completion. There are no implications for the Nordic Bond issued by Waldorf Production UK Limited on 1 October 2021.
The Alpha Petroleum’s assets acquisition include; a 100% working interest in the Cheviot field and an operated interest in three late life/redevelopment fields in the Southern Gas Basin. Cheviot is one of the largest undeveloped fields in the UK North Sea, with estimated contingent resources of 50 MMbbls oil and 120 bcf gas.
There are no implications for the Nordic Bond issued by Waldorf Production UK PLC on 1 October 2021.
“We are excited to acquire MOL’s UK portfolio and by so doing to double our stake in GCA. Pro forma for the transaction Waldorf’s 2021 production increases by c. 55% to c.34,000 boe per day and end 2020 2P reserves by almost a third from 51.6 mmboe to 67.5 mmboe.
Waldorf continues to look for further growth opportunities building on its resilient non-operated North Sea production base in the near-term,” Erik Brodahl, Chief Executive of Waldorf said.
“We are delighted to be partnering with the Alpha team and look forward to welcoming our new colleagues to Waldorf. Cheviot provides a valuable development opportunity to supplement our existing production portfolio and will increase our contribution to the UK’s much-needed energy security,” Erik Brodahl also stated.
