Neptune To Acquire UK Central North Sea Assets From Apache

Neptune Energy Group said Aug. 13 it agreed to acquire U.K. Central North Sea development and exploration assets from a subsidiary of Apache Corp. (NYSE: APA).

The acquisition included Apache’s 35% working interest in the Seagull development and a 50% working interest in the Isabella prospect, both operated by Apache North Sea Ltd. The terms of the transaction weren’t disclosed.

The Seagull development will consist of a multiwell subsea tieback project to existing nearby facilities that will commence during 2019 with first production expected prior to first-quarter 2022. Meanwhile, the Isabella prospect is considered one of the largest undrilled exploration opportunities in the Central North Sea, with planned drilling operations also commencing during 2019.