KeyFacts Energy today begin a monthly 'at a glance' recap on global M&A activity:

United States: Camber Energy has entered into an agreement to acquire all of the issued and outstanding membership interests of certain privately-owned companies which in turn own interests in certain oil and gas properties and related equipment and other tangible personal property, including working interests in approximately one hundred sixty nine proved producing oil wells (producing approx. two thousand (2,000) barrels of oil per day (net)), one hundred seventy four proved non-producing wells and twelve proved undeveloped well locations.

The wells produce hydrocarbons from known geological formations and reservoirs, and the seller's internal estimates of the remaining oil reserves based on recent NYMEX strip pricing, historical production rates, historical lease operating expenses and transportation differentials, indicate a total proved reserve value, on a PV10 basis, of approximately USD$185 million as at January 1, 2023.

Norway: Lime Petroleum has completed the acquisition of a 10% interest in the Repsol-operated Yme field on the Norwegian North Sea, for a post-tax consideration of US$68.053 million from KUFPEC Norway.

United States: Marathon Oil has completed its acquisition of the Eagle Ford assets of Ensign Natural Resources for a total cash consideration of $3.0 billion after taking into account closing adjustments. The acquisition was previously announced on November 2, 2022.

The assets acquired from Ensign Natural Resources (99% operated, 97% working interest) span Live Oak, Bee, Karnes, and Dewitt Counties across the condensate, wet gas, and dry gas phase windows of the Eagle Ford. Marathon Oil believes it can deliver maintenance level production from the acquired asset of 67,000 net boepd (22,000 net bopd of oil) with approximately 1 rig and 35 to 40 wells to sales per year. The Company's valuation of the asset was based off this maintenance level program and does not include any synergy credits or upside redevelopment opportunity. Acquired tangible assets are eligible for full expensing for the purpose of income tax optimization, including potential deferral of AMT.

United States: PHX MINERALS has entered into two agreements with separate buyers to sell 257 non-operated legacy working interest wellbores in the Arkoma Basin and the Eagleford Play for total cash consideration of approximately $10.7 million. 

The Arkoma Basin sale consists of 151 non-operated legacy working interest wellbores with a purchase price of approximately $5.1 million and $235,000 of assumed asset retirement obligations. The Eagleford Play sale consists of 106 non-operated legacy working interest wellbores with a purchase price of approximately $5.6 million and $644,000 of assumed asset retirement obligations.

Indonesia: Criterium Energy has announced the completion of the accretive acquisition of a 42.5% interest in the Bulu Production Sharing Contract (“Bulu PSC”) which contains the fully appraised Lengo gas field located offshore East Java Indonesia for a total consideration of US$1.6 MM.

Angola: PTTEP, has entered into a Sale and Purchase Agreement (SPA) to sell its entire 2.5% participation interest in Block 17/06 Project in Angola to SOMOIL BLOCO 17/06 (SU), S.A., a wholly owned subsidiary of Sociedade Petrolifera Angolana, S.A (SOMOIL). Completion of the sale is expected by mid-2023 subject to the conditions prescribed in the SPA.

The Block 17/06 Project is an offshore oil field under development phase located on the west coast of Angola. This divestment marks the withdrawal of all PTTEP’s investment in Angola which aligned with the Company’s strategy.

Trinidad: Challenger Energy has entered into a binding heads of terms with Predator Oil & Gas and relevant subsidiary entities, providing for (i)  the conditional sale of the Company's interest in the non-producing Cory Moruga licence in Trinidad, (ii) a framework for future CO2 collaboration between the Company and Predator, and (iii) a mutually agreed settlement in relation to all matters relating to the Inniss-Trinity CO2 enhanced oil recovery ('EOR') pilot project previously carried out by Predator at the Company's Inniss-Trinity block.

United Kingdom: Serica Energy has entered into an agreement to acquire the entire issued share capital of Tailwind Energy Investments from Tailwind Energy.

As part of the Transaction, Mercuria, the largest ultimate shareholder of Tailwind, will become a strategic investor in Serica with a 25.2 per cent holding and will enter into a Relationship Agreement with Serica.

United Kingdom: Egdon Resources has signed a conditional agreement to acquire the entire issued share capital of Aurora Production from Aurora Petroleum Limited. Aurora Production is a private company, which holds an 18.75% interest in the Edgon operated licence PL090 which contains the Waddock Cross oil field and an 8.33% interest in the IGas operated licence PEDL070 which contains the Avington oil field.

US Gulf of Mexico: Arena Energy has closed on the acquisition of seven blocks and twelve platforms in the Gulf of Mexico from GOM Shelf, LLC.

The acquisition includes net daily production of approximately 2,000 barrels of oil equivalent in fields with historically low decline rates and includes a majority interest in two of the largest fields in the shallow water Gulf of Mexico in Eugene Island 330 and South Marsh 128. The acquired properties have significant operating synergies with existing Arena assets with optionality to restore and increase production and includes four platforms on lease blocks that Arena was recently awarded in Lease Sale 257.

Falkland Islands: Argos Resources announced that the Company and JHI Associates ("JHI") have entered into an agreement pursuant to which it is proposed that JHI will acquire Argos' PL001 Production Licence interests in the North Falkland Basin.

Malaysia: Sarawak Shell has agreed to sell its stake in two offshore production sharing contracts (PSC) in the Baram Delta to Petroleum Sarawak Exploration & Production (“PSEP”). The sale concerns non-operated interests of 40% in the Amended 2011 Baram Delta EOR Production Sharing Contract (“BDO PSC”) and 50% in the SK 307 Production Sharing Contract (“SK307 PSC”). The remaining interests in both PSCs are held by the operator, PETRONAS.

The base consideration for the sale is US$475 million, with additional payments of up to US$50 million between 2023 to 2024 contingent on commodity prices. 

Colombia: Houston American Energy has announced the acquisition of an additional interest in Hupecol Meta, LLC.

Hupecol Meta owns the 639,405 gross acre CPO-11 block in the Llanos Basin in Colombia, comprised of the 69,128 acre Venus Exploration area, operated by Hupecol, and 570,277 acres which was 50% farmed out to Parex Resources by Hupecol. In total, the CPO-11 block covers almost 1000 square miles with multiple identified leads and prospects expected to support a multi-well drilling program. Through its membership interest in Hupecol Meta, Houston American now holds an approximately 16% interest in the Venus Exploration area and an approximately 8% interest in the remainder of the block.

Chad and Cameroon: Savannah Energy announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.).

Following the completion of the ExxonMobil Transaction, Savannah now owns a 40% interest in the Doba Oil Project and an effective c. 40% indirect interest in the Chad-Cameroon export transportation system.

Italy: Plenitude has signed an agreement to acquire 100% of PLT (PLT Energia S.r.l and SEF S.r.l. and their respective subsidiaries and affiliates), an integrated Italian group producing electricity from renewables and supplying energy to retail customers.

Through this synergistic operation with its portfolio of renewable assets and retail customers, Plenitude is strengthening its presence in Italy and Spain consolidating a vertically integrated platform.

Tanzania: Wentworth Resources and Maurel & Prom S.A. have reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of Wentworth by M&P.

The Acquisition values the entire issued and to be issued ordinary share capital of Wentworth at approximately £61.7 million.

Thailand: Valeura Energy has entered into a Sale and Purchase Agreement with Mubadala Petroleum to acquire the Thailand upstream oil producing portfolio of Busrakham Oil and Gas, a subsidiary of Mubadala Energy. 

This Acquisition consists of operated interests in three offshore licences in the Gulf of Thailand that include the Nong Yao, Jasmine/Ban Yen and Manora oil fields, which collectively currently produce approximately 21,200 bbls/d of oil, net to the interest being acquired. The purchase consideration for the Acquisition is US$10.4 million plus up to an additional US$50 million, contingent upon certain upside price scenarios. 

Ireland: RWE has acquired 100% of Irish company Western Power Offshore Developments Ltd, which is in the early stages of developing the East Celtic Wind Farm project off the coast of Ireland.

United States: Diamondback Energy has completed its previously announced acquisition of all leasehold interests and related assets of FireBird Energy.

KeyFacts Energy: Acquisitions & Mergers news

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