Waldorf Production Ltd. has agreed to acquire Cairn Energy PLC’s 20% interest in Catcher field and 29.5% interest in Kraken field in the UK North Sea for $460 million cash plus additional contingent consideration dependent principally on 2021-205 oil prices.
The Catcher complex lies west of the Central Graben area of the UK North Sea, about 170 km southeast of Aberdeen in water depths less than 100 m. A total of 19 development wells have been drilled in the complex: 15 were producers and four were water injectors. The complex is developed via an FPSO, with subsea tie-back. First oil from the field occurred in Dec. 2017. Average 2020 gross production was 50,200 boe/d.
Kraken area fields (Kraken and Kraken North) lie in Block 9/02b, license P1077 in the UK North Sea’s East Shetland basin. The fields are 350 km northeast of Aberdeen in 100 m water depth. To date, 24 development wells have been drilled and completed in the southern and northern parts of the field. Kraken field’s FPSO was installed in April 2017 with production beginning in June 2017. Stable production was achieved in November 2017 and average 2020 gross production was 37,600 boe/d.
After closing, which is expected in this year’s second half, Catcher will be operated by Premier Oil (50%) with partners MOL Group (20%), Waldorf (20%), and ONE Dyas (10%). Waldorf will be operated by EnQuest (70.5%) with Waldorf as sole partner (29.5%).
