Neptune Energy Group agreed to acquire Apache's 35% interest in Seagull discovery licences P1621 & P1622 and 50% interest in Isabella prospect licence P1820, as announced on 13 August 2018. The transaction price has not been released and the deal is pending partner and regulatory approval. P1621 & P1622 apply to part blocks 22/24e and 22/29c respectively. The acreage contains the Seagull discovery made by 22/29-2Z (1992, Shell, 4,480m) which tested 42 deg API oil at a rate of 4,350 bo/d from a gross 38m interval in the Middle Jurassic Pentland sands and 134m interval in the Triassic Skagerrak Formation sands. An appraisal well 22/29-3 (1992, Shell, 4,563m) tested 1,279 bo/d. In 2014, 22/29c-8Y Seagull South (Talisman Sinopec) confirmed 205m of net oil pay over a 333m Triassic sand interval (likely Skagerrak) testing 8,700 bo/d and 16 MMcfg/d. Estimated gross mean recoverable reserves for Seagull are 114 MMboe (79% oil/21% gas). P1621 and P1622 were awarded on 12 February 2009 in the 25th Seaward Licensing Round. Both in their Second Term, due to expire on 11 February 2019. Seagull development will consist of a multi-well subsea tieback to nearby facilities, with development planned for 2019 and first production expected end 2020. P1820 (part blocks 30/11a & 30/12d) Isabella prospect has a NFW planned for 2019. The prospect has an estimated mean recoverable resources of 142 MMboe in Triassic Judy and Joanne reservoir sands and gross well cost was estimate at GBPS 57 million (US$ 72 million). P1820 was awarded in the 6th Licensing Round with an effective start date of 10 January 2011. Neptune Energy entered the North Sea when it acquired ENGIE E&P in February 2018, and also agreed in June 2018 to acquire VNG Norge AS and its 42 Norwegian and Danish licences. The company is financed by the Carlyle Group, CVC Capital Partners, and the China Investment Corporation (CIC). Pending completion of the Apache-Neptune deal, P1621 and P1622 partners are Apache North Sea Ltd (35% + Op), BP Exploration Operating Company Ltd (50%) and Japex UK E&P Ltd (15%), and P1820 partners are Apache North Sea Ltd (50% + Op), Total E&P North Sea UK Ltd (previously Maersk, 30%), Ithaca Energy UK Ltd (10%) and EDF (Edison) via subsidiary Euroil Exploration Ltd (10%).
Neptune has reportedly agreed to buy a 35% stake from Apache in the latterâs Seagull project in P1622 block and 50% also from Apache in the latterâs Isabella prospect in P1820, deal value undisclosed.