Freshfields advises Neptune Energy on the acquisition of North Sea Assets from EnergeanFreshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Neptune Energy Group (‘Neptune Energy’) on its conditional agreement to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets from Energean Oil & Gas plc (‘Energean’) for an initial cash consideration of $250m, to be adjusted for working capital (effective date 1 January 2019), plus additional cash contingent consideration of up to $30m. The purchase is contingent on Energean completing its proposed acquisition of Edison E&P.
The portfolio to be acquired under the transaction provides Neptune Energy with material growth in contingent resources, 30 million barrels of oil equivalent (mmboe) of 2P reserves, near term production in core areas of the North Sea close in infrastructure and incremental non-operated production of 3,000 barrels of oil equivalent per day (boepd) in 2019.
The Freshfields team was led by partner Sam Newhouse and senior associate Alon Gordon, together with partner Graham Watson and senior associate Alex Calloway, who also advised Neptune Energy on its acquisition of ENGIE E&P in February 2018 and VNG Norge in October 2018. The team worked together with Schjødt in Norway, led by partner Preben Willoch.
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