HALO acquires Third Energy Offshore Ltd.

9/19/2018

LONDON -- Hague and London Oil plc, the oil and gas company with a diverse portfolio of production, development, appraisal and exploration assets currently focused in the Dutch sector of the Southern North Sea, has announced that it has entered into an agreement for the conditional acquisition of the entire share capital of Third Energy Offshore Ltd. Consideration for the acquisition will be made up of 19.25% of the post-completion share capital of HALO. Third Energy Offshore Ltd.’s portfolio includes interests in the Greater Pegasus Area (45%), and the high impact Andromeda prospect in the Southern North Sea.

Subject to the satisfaction of conditions precedent, HALO is to acquire the assets through the purchase by its wholly owned subsidiary, Hague and London Oil B.V. (HALO), of the entire issued share capital of Third Energy Offshore Ltd.

Acquisition highlights:

  • HALO will acquire Third Energy Offshore, a 100% owned subsidiary of Third Energy Holdings Ltd.
  • Third Energy Offshore’s interests include a 45% interest in the Greater Pegasus Area operated by Spirit Energy where an initial field development plan (FDP) is being prepared.
  • The Pegasus West discovery well tested at 92 MMcfd.
  • The Group also expects the high impact Andromeda prospect to be drilled in 2019.
  • The Directors believe that the Acquisition represents a huge step in the implementation of HALO's strategic repositioning towards lower risk, sustainable, development and appraisal opportunities in established hydrocarbon provinces with ample access to (or ownership in) infrastructure.
  • HALO will seek to close the transaction prior to listing the Company and doing so at the optimal, and earliest, time thereafter for the combined portfolio.
  • The Company also continues to pursue other, potential, complementary acquisitions in parallel to the Acquisition; these are in various stages of evaluation and/or discussion.
  • HALO will call an EGM in due course with respect to the Acquisition and ongoing operations.

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