Dutch company to buy Breagh field interest

Privately held Oranje-Nassau Energie BV (ONE), Amsterdam, will acquire a 30% working interest in Breagh natural gas field in the southern UK North Sea in a proposed deal with Sterling Resources Ltd., Calgary.

ONE agreed to buy Sterling Resources (UK) Ltd. for $163 million cash from Sterling and a wholly owned subsidiary, SRUK Holdings Ltd.

Breagh production net to the acquired interest, Sterling UK’s main asset, is about 3,000 boe/d. A unit of INEOS operates the field.

The deal is subject to regulatory, shareholder, and stock exchange approvals.