Press

Neptune Energy Group agrees to acquire VNG Norge AS


London, 28 June 2018. Neptune Energy Group (“Neptune”) announced today that it has entered into a Sale and Purchase Agreement to acquire 100% of the shares of VNG Norge AS (“VNG Norge”) from VNG AG, the German natural gas wholesaler and energy service provider.

Acquisition detail:

  • The VNG Norge portfolio provides a high-quality bolt-on acquisition in one of Neptune's key jurisdictions, with a complementary set of assets in strategic locations including: the Greater Njord Area, with the operated asset of Fenja; and the North Sea / Utsira High area, with the addition of the Ivar Aasen asset.
  • The proposed transaction is subject to approval by the Supervisory Board of VNG AG, as well as customary regulatory approvals, with completion expected in Q4 2018.

VNG Norge business highlights:

  • VNG Norge has built a portfolio of production, development and exploration assets on the Norwegian continental shelf which includes the Fenja oil development and the Njord production hub.
  • VNG Norge has a portfolio of 42 licences, five producing fields and three development projects including, in Norway: Fenja (30% and operator), Bauge (2.5%); and in Denmark: Solsort (13.8%).
  • Net production for 2017 was an estimated 4,000 boepd with a significant ramp up by 2022 as new capacity comes onstream.
  • Net reserves and resources as at 31 December 2017 of over 50 mmboe.

The VNG Norge asset base is highly complementary to Neptune's existing Norwegian portfolio, consolidating its equity position in the greater Njord area with 22.5% in Njord as well as a 30% interest and the operatorship of the Fenja oil 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.

Furthermore, VNG Norge's reputation, as a respected and highly competent operator and partner in Norway, is recognised and valued by Neptune and we believe the combination of both businesses creates a strong platform with a broad operating skills-set across sub-sea development, drilling, production and exploration.

Sam Laidlaw, Executive Chairman of Neptune Energy Group, said:
“We are extremely pleased to announce the signing of the SPA to acquire VNG Norge, which provides us with our first acquisition since the completion of our purchase of ENGIE E&P, and is directly in line with our strategy of consolidating our position in key jurisdictions with high quality and complementary assets.

“The addition of further long-life oil development opportunities in Norway, through one of our key production hubs, as well as adjacent production and exploration interests, is a further step towards delivering our ambition to create a leading international independent E&P company of significant scale.

“I am also pleased that VNG Norge will bring a strong team in Norway, that we aim to integrate with our existing business, to play a full part in the future growth and success of the Neptune Energy Group.”


Visit source site

https://neptuneenergy.com/en/news-and-media/news/2...

Neptune Energy GroupNeptune EnergyVNG NorgeAcquisition

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