Consort Resources acquires UK North Sea assets from Enterprise

UK company Consort Resources Ltd. has agreed to acquire a package of southern North Sea assets from Enterprise Oil PLC, London, for £28 million. The assets include interests in Johnston and Anglia producing fields and the Orca-Beta potential gas development.

Oct. 30, 2001

By the OGJ Online Staff

HOUSTON, Oct. 30 -- UK company Consort Resources Ltd. has agreed to acquire a package of southern North Sea assets from Enterprise Oil PLC, London, for £28 million.

The assets include interests in Johnston and Anglia producing fields and the Orca-Beta potential gas development.

They were part of Enterprise's acquisition of Petroleo Brasiliero SA's UK holdings (OGJ Online, June 21, 2001).

Subject to government and other approvals, Consort will complete the acquisition by the end of the year. The effective date will be Jan. 1.

Peter Kallos, Enterprise's general manager, UK, said the group made the deal so as to better focus on other assets. "It remains a central aim of the group to enhance its position as a key participant in the UK North Sea, not least through the successful trading of assets where appropriate."

Consort will acquire a 10% interest in Production License 686 (Block 43/27), which includes a 7.3710% stake in Johnston field; a 32.802% interest in P.128 (Blocks 48/18b and 19b), which contains Anglia field; a 32.802% interest in P.1011 (Block 48/19e) in the Anglia area; and a 12.5% interest in P.611 (Block 44/24a), which contains the Orca-Beta prospect.