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Perenco to buy Southern North Sea Gas Fields

13th February 2003
Perenco has signed an agreement with BP to acquire, subject to regulatory and other approvals, interests in 14 gas fields in the Southern North Sea. The fields include Indefatigable, East Leman, Davy, Trent, Tyne, Pickerill and Waveney, together with associated pipelines and onshore processing facilities including the Bacton terminal. (A full list of the assets involved is attached). Perenco will propose to become Operator for these assets, subject to government and licence partner approvals. The total proved net gas reserves for these fields is approximately 274 billion cubic feet and the net share of production involved in this transaction is around 150 million cubic feet per day or about 26,000 barrels a day oil equivalent. Perenco’s objective in the UK is to build a portfolio of operated producing assets focussed on the Southern North Sea Gas Basin. It hopes to use its extensive experience of operating mature fields to prolong field life; initially through its efficient cost structure, followed by further investment where appropriate. Perenco is an independent exploration and production company based in London and Paris. It currently owns producing assets in 11 countries. Following this acquisition it will be operator for some 250,000 boepd and will have net production of 160,000 boepd. Further information can be found at www.perenco.com or contact Paddy Spink +44 20 7376 5250.

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