2009-05-21-2009-05-06-2009-05-15

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$860.0MM
Description

Bought U.K. North Sea assets consisting of 6 fields, gaining 7,000 BOE/d.

Sumitomo Corp., Tokyo, (Tokyo: 8053) led a consortium that acquired Netherlands-based E&P Oranje-Nassau Energie BV from Oranje-Nassau Groep, a subsidiary of Wendel SA, Paris, (Paris: MWDP) for US$860 million. The consortium consists of Dyas UK Ltd., a subsidiary of Dutch company, SHV Holdings NV and ONH BV, a Dutch private investment company controlled by Marcel van Poecke. Oranje-Nassau Energie currently holds assets in British and Dutch North Sea and Gabon, its core activity area, and The purchase includes all of Oranje-Nassau Energie's assets in the U.K. North Sea excluding the Buzzard Field subsequent to the completion of the purchase of the Oranje-Nassau Energie shares. The assets consist of Elgin/Franklin Field where Total and Gaz de France are operator, Wytch Farm Field operated by British Petroleum, and four other producing and development fields. Production is 7,000 barrels of oil equivalent per day.