ABERDEEN, UK— Waldorf Production has entered a binding sale and purchase agreement to acquire Alpha Petroleum Resources from owner Shorelight Partners.
Alpha Petroleum has a 100% interest in the Cheviot Field and an operated share of the Kilmar, Wenlock and Garrow gas fields in the UK southern North Sea.
The company, formed in 2000, became an operator in 2002 and achieved first gas production that year from the Helvellyn Field.
For Waldorf, the main draw is Cheviot, one of the UK’s largest remaining undeveloped fields in the UK North Sea (although it was developed in production briefly in the mid-1990s), with estimated contingent resources of 50 MMbbl of oil and 120 Bcf of gas.
Cheviot (formerly known as Emerald) is in blocks 2/10b, 2/15a, 3/6a and 3/11b, and it was discovered in 1975. Original development operator MSE shut down the field and its floating platform when only 8% of the original oil in place had been produced.
In 2003 Alpha was awarded the license in the UK’s 21st license round, and at one point it signed an agreement with Teekay to redeploy the FPSO from the Varg oil field in the southern Norwegian North Sea to Cheviot.
The company’s plan had been to develop oil from Cheviot and the satellite Peel fields—gas from both fields.
Waldorf has been growing its UK North Sea production base, most recently agreeing to acquire MOL’s entire UKCS business, including interests in the Greater Catcher Area, Scolty and Crathes fields.
07.11.2022
