Waldorf adds to North Sea assets with Alpha Petroleum acquisition

Waldorf Production Ltd. has agreed to acquire North Sea operator Alpha Petroleum Resources Ltd. from Shorelight Partners.

Privately held Alpha’s assets include a 100% working interest in Cheviot field and an operated interest in three late life/redevelopment fields in the Southern Gas Basin (Helvellyn, Tors, Wenlock). Cheviot is one of the largest undeveloped fields in the UK North Sea, with estimated contingent resources of 50 million bbl of oil and 120 bcf of gas, Waldorf said in a July release.

Cheviot is a redevelopment of Emerald field which was discovered in 1975 and initially developed in the mid-1990s but was abandoned. Alpha was awarded the license in 2003 and a field development plan gained technical acceptance in 2015, according to Alpha Petroleum’s website. That plan, according to the website, was based on oil development from Cheviot and satellite Peel fields with subsequent development of Cheviot gas caps and Padon satellite field.

Acquisition of Cheviot field “provides a valuable development opportunity to supplement our existing production portfolio,” Erik Brodahl, chief executive officer of Waldorf Production, said in the July release.