LONDON – NEO Energy has completed its acquisition of UK E&P independent Zennor Petroleum.
The transaction, alongside an ongoing acquisition of various UK interests from ExxonMobil, should lift NEO’s production to around 80,000 boe/d this year. Further planned developments should raise the production base during 2022-2026 to between 90,000 and 100,000 boe/d.
Zennor’s team will now join NEO, increasing overall personnel to over 180 staff.
The acquired portfolio, comprising around 40 MMboe of reserves and more than 90 MMboe of potential resources, is centered around the Britannia and ETAP production hubs in the UK central North Sea.
The operated Finlaggan tieback to Britannia is due to start production later this year. Other development opportunities are the operated Leverett and Greenwell (tiebacks to Britannia), and Murlach (tieback to ETAP), where NEO will be looking to take FID next year.
