document: On 11 December 2017 it was announced that the merger between Centrica and Stadtwerke Munchen GmbH to combine Centricaâs European oil and gas exploration and production business with Bayerngas Norge AS, has completed. The newly formed incorporated European E&P company is named Spirit Energy. The deal which was announced on 17 July 2017 seeâs Centrica take a 69% interest with Bayerngas Norgeâs existing shareholders owning 31% of the joint venture. Spirit Energyâs plans for 2018 include progressing development projects such as Maria and Oda, appraisal drilling at the Fogelberg discovery and the drilling of a number of exploration wells. Also, in conjunction with Wintershall, the company will submit a plan for the development of the Skarfjell field. The newly formed organisation aims to create a strong and sustainable E&P business through combining Centricaâs cash generative and near-term production profile and Bayerngas Norgeâs more recent production assets (to have come onstream) and the latterâs development portfolio. The strategy behind the merger was down to a number of aligning points such as the mix of producing and developing assets with both strong positions in the UK and Norway and also assets in the Netherlands, Denmark and Germany held between them. The merger creates a robust, self-financing entity with an attractive financial profile. It could generate approximately GBP 100 â 150 million of net present value expected through synergies and cost savings and portfolio optimisation. Lastly, it provides the opportunity to strengthen the entity through further consolidation and joint ventures including the potential for an initial public offering (IPO) in the medium term.  Centrica was formed as one arm of British Gas following its privatisation in 1997 (the other being BG). The company holds interest in 81 assets in the UK, mainly focused on gas in the Southern Gas Basin, interest in 18 assets in Norway and a further five in the Netherlands. Bayerngas holds interest in eight UK fields, 13 Norwegian fields and two Danish assets. 
summary: United Kingdom (Central Graben Province) ? op. by CHRYSAOR H (36.0%, CENTRICA 64.0%) in Maria block