These assets are estimated to produce an average 23,000 barrels of oil equivalent per day and reserves of 51 million barrels to Neo Energy’s portfolio.

Paul Harris, COO and Interim CEO of Neo Energy, told the media, “The expeditious completion of this transaction is a major milestone for Neo Energy as we build a next generation North Sea operator. I am extremely excited by the quality of both the asset portfolio and the group of over 60 outstanding professionals we have assembled. We have quickly established Neo as a leading UKCS independent with a solid platform from which to continue to deliver our sustainable growth strategy. Underpinned by a meaningful production base and development opportunities, I look forward to embarking on this next chapter in Neo’s development.”

The fields were first owned by Maersk Oil before it was purchased by Total in March 2018. Neo Energy is backed by HitecVision, a Norwegian private equity firm.

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