Majority owner Centrica (69%) has reported that its sale of Spirit Energy is paused until financial and commodity markets have settled, on 2 April 2020. Spirit Energy was formally up for sale, with Goldman Sachs and Lambert Energy understood to be advising, according to reports from mid November 2019. Majority owner Centrica (69%) announced its planned disposal on 30 July 2019 and news of the divestment by minority stakeholders - led Munich's municipal utilities group Stadtwerke Munchen (SWM) - first emerged in August 2019. Spirit Energy was formed when Centrica merged its E&P division with Bayerngas Norge in 2017. Its primary owners are Centrica (69%) and SWM (28%), with the remaining 3% held by a number of other German and Austrian municipal utilities. Spirit Energy holds equity in five Dutch blocks, 59 Norwegian licences and 61 UK licences, whilst its four Danish licences are currently being sold to INEOS. Spirit Energy produced ~135,000 boe/d in H1 2019, with 85,000 boe/d from Norway. 2P reserves were 294 MMboe at the end of 2018. Centrica and Bayerngas Norge completed the merger of their E&P divisions to form Spirit Energy on 11 December 2017, with Centrica to pay GBPS 340 million (US$ 445 million) for its 69% interest, in staggered payments between 2017 and 2022, whilst Bayerngas Norge's shareholders would retain 31% share. 
Not Found