Chrysaor announced that it has entered into an agreement with Spirit Energy to acquire its entire interests in the Armada, Maria and Seymour fields. As part of the transaction, Spirit Energy will retain associated liability for decommissioning subject to a cap.
As a result of the acquisition, Chrysaor will own 100% of the Armada Area. The deal is expected to complete in the second half of 2018.
“This acquisition is part of Chrysaor’s strategy to prolong asset life, maximize recovery and deliver value from its UK North Sea portfolio,” Phil Kirk, Chief Executive of Chrysaor, said. “Chrysaor can now progress its plans to realize the full potential of the fields and will shortly commence well site surveys and secure long lead items and drilling equipment.”