Neptune Energy has signed an agreement to acquire working interests in two development and exploration assets located in the UK Central North Sea from Apache North Sea.

The sale and purchase agreement covers a 35% working interest in Seagull development and a 50% interest in Isabella prospect. Both assets are operated by Apache.

Financial details of the transaction have not been disclosed.

Neptune expects Seagull to offer a low-cost, near-term development close to current infrastructure.

The Seagull development will involve a multi-well subsea tieback project to existing adjacent facilities. It is scheduled to commence next year and initial production is anticipated before the first quarter of 2022.

Isabella is a material undrilled prospect that is considered as one of the largest in the UK Central North Sea. Drilling operations in this project are also set to begin next year.

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By GlobalData
“Seagull and Isabella are both high-quality opportunities, which complement our existing assets within the broader North Sea theatre of operations.”

Subject to customary regulatory approvals, the proposed acquisition of Apache assets is expected to close this year.

Neptune Energy Group CEO Jim House said: “In line with our strategy of expanding positions in key jurisdictions, Seagull and Isabella are both high-quality opportunities, which complement our existing assets within the broader North Sea theatre of operations.

“The signing of the SPA with Apache, which follows the announcement in June of our agreement to acquire VNG Norge, underlines our determination to continue building a leading international independent E&P company.”

Under the deal with VNG Norge, Neptune will gain assets on the Norwegian continental shelf.

This acquisition is expected to offer a platform for sub-sea development, drilling, production, and exploration.