Bidders pull out of Alba sale by Statoil and Mitsui

Deloitte has launched the sale of Endeavour Energy UK. The US parent company of Endeavour Energy UK is going through bankruptcy proceedings and Deloitte has been appointed to monetise the company’s UK unit. Endeavour Energy UK owns a 25.7% in Alba amongst other North Sea assets. This is larger than Statoil’s 17% or Mitsui’s 13.3% stake which is being marketed. Although Statoil and Mitsui have been trying to sell their stakes since the end of...

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Chevron shuts in Alba platform as Mitsui and Statoil try to sell the field

Chevron the operator of the Alba field in the UK North Sea has announced at the end of last week that it had been forced to shut down production at the field. This follows a power outage at the platform. Emergency back-up power is in place and the crew continues to try and restore power. The mature heavy oil field which was brought onstream in 1994 is exploited from a fixed platform tied to a floating storage unit. Endeavour had tried to sell...

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Mitsui victory for AWE battle?

AWE’s board has recommended Mitsui’s all cash bid of A$0.95/share which was received on 28th January. This superior offer follows a heated battle since the end  of last year. November 2017: CERCG cash bid of A$0.71/share conditional on due diligence, rejected following AWE’s assessment that it undervalued the company December 2017: CERCG revised cash offer of A$0.73/share December 2017: Mineral Resources scrip offer at A$0.80/share December...

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Endeavour endangers Alba sale for Statoil and Mitsui

Statoil and Mitsui started marketing their stakes in the Alba heavy oil field in the North Sea at the end of 2017. The field is located in a complex reservoir and developed from a steel platform tied to a floating storage unit. The field has been marketed by partner Endeavour before without success. Endeavour put its stake up for sale in 2015 but failed to attract sufficient interest. Sources have revealed that interest in the current sales...

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