November 2022

Kirk Lovegrove has acted as strategic adviser to Jadestone Energy plc on its acquisition from BP of its 16.67% interest in the North West Shelf Oil Project offshore Australia. The project comprises the Cossack, Waneaea, Lambert and Hermes oil fields (the “CWLH fields”), and Jadestone has acquired an interest in these fields, as well as a corresponding interest in the Okha FPSO and related subsea infrastructure.   Gross oil production from the CWLH fields in 2022 will be approximately 13,000 barrels/day.

October 2022

Kirk Lovegrove acted as financial adviser to Harbour Energy plc and Rockhopper Exploration plc on the sale of their interests in the Sea Lion oil & gas development offshore the Falkland Islands to Navitas Petroleum.  As part of this transaction, Harbour Energy has exited the North Falkland Basin completely, and Navitas has gained a 65% interest in, and becomes operator of, licences PL003, PL004, PL005, PL0032 and PL0033.  Rockhopper retains a 35% interest in all of these licences. The Sea Lion field was discovered by Rockhopper in 2010 and sits in ca. 450m water depth in the South Atlantic. Recoverable gross oil resource from the Sea Lion development has been estimated at 250 mmbbl, with potential gross plateau oil production of 80,000 barrels per day. Navitas and Rockhopper will now jointly pursue the development of the Sea Lion field.

Kirk Lovegrove acted as strategic and financial adviser to Sumitomo Corporation on the sale of its UK subsidiary Summit Exploration and Production Limited (Summit) to Ithaca Energy for $224 million plus customary adjustments.  Summit’s net production is currently ca. 2.4 mboepd, coming from its 2.1875% interest in the TotalEnergies operated Elgin-Franklin fields.  Summit also holds exploration prospects, including a 50% operated interest in K2 (block 22/14c).  Completion of the transaction is expected during the second quarter of 2022.

March 2022

On 23^rd March 2022, our client Waldorf Production Limited (“Waldorf”) signed a binding agreement for the purchase of MOL Plc’s (“MOL”) entire Upstream portfolio in the United Kingdom for $305 million, with an additional oil price linked earn-out scheme during 2022-2025. Kirk Lovegrove & Company was the sole financial adviser to Waldorf on this transaction

Q4 2021 production for the target business was over 12,000 boepd, coming primarily from a 20% interest in the Harbour operated Greater Catcher Area (“GCA”) and a 50% interest in the EnQuest operated Scolty & Crathes fields. The transaction is subject to customary completion conditions and is expected to close during the second half of 2022.

Once completed, the sale will double Waldorf’s interest in GCA and increase its pro forma 2021 production by c. 55% to approximately 34,000 boepd and increase its YE 2020 2P reserves by almost a third to 67.5 mmboe.

November 2021

Kirk Lovegrove acted as strategic and financial adviser to JX Nippon Oil & Exploration Corporation (JX-NOEX) on the sale of its UK subsidiary JX Nippon E&P UK Limited (JXNEPUK) to Neo Energy for $1.655 billion.  The transaction some 26,000 boepd of non-operated production, coming primarily from a 20% interest in the Equinor operated Mariner field and an 18% interest in the TotalEnergies operated Culzean field. In a separate transaction, KLC advised on the sale of JXNEPUK’s interests in the Andrew Area to BP for an undisclosed sum.  Both transactions were signed in late November 2021, with completion expected around end of Q1 2022.