Hague and London Oil (Halo) said that it has now formally completed its acquisition of Third Energy Offshore Limited (TEOL).
The Southern North Sea-focussed company, with a diverse portfolio of offshore and onshore producing, development and exploration assets said in a press release that it had received all required regulatory consent for its acquisition.
Halo is acquiring the Assets through the purchase by its wholly owned subsidiary, Hague and London Oil B.V., of the entire issued share capital of Third Energy Offshore Ltd.
The Oil and Gas Authority (OGA) approval of the change of control of TEOL will allow the transaction to continue through formal completion.
As previously announced, consideration for the acquisition is made up of 19.25% of the postcompletion share capital of Halo. TEOL's portfolio includes interests in the Greater Pegasus Area (45%), and the high impact Andromeda prospect in the Southern North Sea.
The Directors believe that the Acquisition of TEOL represents a huge step in the implementation of Halo's strategic plans in terms of focusing on lower risk, resilient, natural gas development and appraisal opportunities in the Southern North Sea with access to (or ownership in) transportation and processing infrastructure, said the press release.
Halo will fully close the transaction and lay foundations for the funding of the planned development inclusive of debt, equity and the listing of the Company’s shares as soon as is practical and/or optimal to do so, it said.