SSE completes acquisition of Sean gas field stake from BP for $180.5 million

4/14/2013

SSE completes acquisition of Sean gas field stake from BP for $180.5 million

BY ED BALLARD

LONDON -- SSE said that it completed the acquisition from BP of a 50% working interest in the Sean gas field in the Southern North Sea, paying $180.5 million cash, and added that the total net proven and probable reserves to SSE are expected to be 1.1 billion therms over the life of the field.

Cash value reflects based on an effective economic date of January 2012, less the value of the gas produced between January 2012 and completion. The company said that it sees the possibility of additional resource through infill drilling.

SSE E&P's total portfolio of assets now represents approximately 3 billion therms of proven and probable reserves. SSE is seeking new opportunities to increase presence in the upstream gas sector.

Dow Jones Newswires

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