Independent private-equity company Kerogen Capital is reportedly seeking offers to sell its majority ownership in North Sea-focused oil and gas firm Zennor Petroleum.
Citing industry sources, Reuters said Thursday that Kerogen was looking for offers from “a select number of bidders” after receiving several approaches.
Also, the news agency cited a banking source who said that Serica Energy was one of the companies that could make an offer. Reuters further said that bids might be in by the end of the year.
Offshore Energy Today has reached out to Zennor and Kerogen, seeking confirmation of the Reuters report. We will update the article if we receive any response.
Zennor has a portfolio that includes five producing North Sea fields and, according to its website “a number of undeveloped discoveries.” The company last year bought an 8.97 percent working interest in the Britannia field -then operated by ConocoPhillips – in the Central North Sea.
Also, the Zennor is currently developing the 100% owned Finlaggan field in the UK Central North Sea.
The development project is targeting 30 mmboe of gas condensate reserves from two subsea production wells tied back 20km to the Britannia platform, which is now operated by Chrysaor.
Zennor received approval from UK’s Oil & Gas Authority to proceed with the Finlaggan field development back in October 2018.
At the beginning of the October, Zennor announced that it completed the 2019 Finlaggan subsea installation campaign. The Finlaggan development project remains on schedule for the first production in 4Q 2020 as planned.
According to Reuters, since its acquisition of Zennor in 2015, Kerogen has invested $300 million in the oil company whose current production levels stand at around 5000 boepd.
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