Discover Exploration Ltd has acquired the entire issued share capital of Hansa Hydrocarbons Ltd from an affiliate of Avista Capital Holdings, LP. Hansa is a privately-owned upstream oil and gas company with exploration, appraisal and development assets offshore the Netherlands, Germany and Denmark.

The acquisition complements Discover’s existing exploration portfolio with Hansa’s prospective GEms area in the Dutch and German North Sea, proven by the recent N05-A gas discovery. It transforms Discover into a fully-funded, full-cycle upstream oil and gas company with exploration, appraisal and development assets in Europe, Africa and Australasia.

Discover will transfer operatorship of the licenses covering the GEms area to Oranje-Nassau Energie B.V. (“ONE”). ONE is an established North Sea operator and already a partner in the GEms area.

Michael Blaha, Executive Chairman of Discover, said: 
“We are excited to gain a strong foothold in the North Sea through the acquisition of Hansa and to unlock the undeveloped potential in their portfolio. We look forward to building a strong and successful business.”