Hague and London Oil (HALO) has completed an acquisition of Tullow Oil’s subsidiary Tullow 101 Netherlands after receiving shareholder approval this month.
Following completion of the deal, Tullow’s ownership stakes in multiple offshore natural gas exploration and production licences in the Dutch North Sea have now been transferred to HALO.
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The acquisition includes Tullow’s interests in the Northern Area, a joint development area (JDA) in the western part of the Dutch Continental Shelf (DCS), fields adjacent to the JDA, the West Gas Transport (WGT) pipeline and processing plant at Den Helder, and the WGT Extension pipeline.
In April this year, both parties entered a conditional sale and purchase agreement that included twelve licences on the DCS, which collectively produced 2,900 boepd in the last year.
HALO chairman and interim CEO Andrew Cochran said: “The completion of this transaction marks a momentous event in HALO’s corporate development.
“This transformational acquisition wouldn’t have been possible in the current environment without ENGIE’s support, as established in the MoU signed in August 2016.”
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By GlobalDataThe structured finance and off-take (pre-pay) facility provided by ENGIE has been established for a total of €10m. Of this, €6m has been drawn down to fund the initial consideration and associated costs.
The remaining amount of the initial €6m will be utilised as working capital for future development capital and new ventures, or acquisitions exceeding net operating cash flows generated from the Netherlands Assets.
An additional €4m undrawn tranche of the ENGIE facility can be used by HALO for its capital requirements next year.
