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Halo completes Tullow NL acquisition

Written by  OE Staff Monday, 13 November 2017 03:13

Hague and London Oil (Halo) gas completed the acquisition of Tullow 101 Netherlands, seeing it take over a portfolio of offshore exploration and production licenses in the Dutch North Sea. 

Halo says it is now a producer of more than 2500 boe/d, having 2P reserves in excess of 12 MMboe, more than 19 MMboe in contingent resource and interests in 17 different licenses offshore Netherlands as well as associated pipelines and infrastructure.

Halo agreed a €10 million finance and off-take agreement with Engie to pay for the deal and to cover other capital needs in 2018. 

Andrew Cochran, Halo's chairman and Interim CEO, said: "The completion of this transaction marks a momentous event in Halo's corporate development. This transformational acquisition wouldn't have been possible in the current environment without Engie's support, as established in the MoU signed in August 2016."

 
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