Zennor Petroleum entered into a conditional sale and purchase agreement with the joint administrators of First Oil Expro, a company within the First Oil Group, to acquire subsidiary companies First Oil & Gas and Antrim Resources.
These companies contain interests in the North Sea producing fields Mungo & Monan (License P059), Bacchus (License P255), Cormorant East (License P201) and Causeway (License P1383).
Zennor Petroleum’s wholly-owned subsidiary, Zennor North Sea, has at the same time entered into an asset purchase agreement to acquire First Oil’s remaining interest in Cormorant East in addition to its interest in two undeveloped discoveries, Glenn (License P244 JR) and Platypus (License P1214).
“We are pleased to have been able to work with the key stakeholders in First Oil, including the management and joint administrators, to execute this transaction. These agreements not only add material production volumes and reserves to Zennor, but also enable the company to continue focusing on the commercialization of discovered resources,” Martin Rowe, Zennor managing director said.
These acquisitions fit with Zennor’s growth strategy and form an important part of its plans to become a full cycle exploration and production company operating offshore, Northwest Europe, Zennor said.
Image from Zennor.
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