Acquisition of Non-operated Interests in Catcher and Kraken from Cairn Energy Plc; Plus Farm-In to Blocks 22/1b and 22/1a from Ithaca Energy Ltd

Source Annual Report
Company Waldorf Production LimitedCapricorn Energy PlcIthaca Energy Inc.Nautical Petroleum 
Tags Asset Deals, Deals, Upstream Activities
Date March 09, 2021

Waldorf Production Limited (“Waldorf” or the “Company”) is pleased to announce that it has entered into a PUT and CALL Agreement with Cairn Energy plc for the acquisition of Cairn’s non-operated 29.5 per cent interest in Kraken and 20 per cent interest in the Greater Catcher Area licenses. The transaction has an economic effective date of 1 January 2020, with completion currently expected by late-2Q 2021.

Elsewhere, Waldorf has, subject to contract and board approval, agreed to acquire a 20% interest in Block 22/1b and a 15% interest in Block 22/1a from Ithaca Oil and Gas Limited. The former license contains the exciting Fotla prospect, where an exploration well is expected to be drilled in 2Q 2021.

Erik Brodahl, Chief Executive Officer of Waldorf Production said:

“We are excited to acquire Cairn’s interests in the high-quality Catcher and Kraken producing fields. This is a transformational transaction for the company, with average production from the combined company growing to c.22,000 – 25,000 boe per day and 2P reserves of 43 million boe.

We also continue our close partnership with Ithaca with the announced farm-in to the Fotla exploration well. If successful, the discovery can potentially be swiftly tied-back to the Alba oil field.

Waldorf sees the North Sea as uniquely suited for disciplined small-cap E&P companies such as ourselves with well-managed, long-life assets available at attractive valuations. We continue to look for further growth opportunities in the near-term.”

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd