Enterprise Oil PLC
9 August 2001
Enterprise sells Danish Assets to Paladin
Enterprise Oil has reached agreement with Paladin Resources plc for the sale
of its wholly-owned subsidiary Enterprise Oil Denmark Ltd ('EODL') for $35
million plus interest. EODL holdsIncluded in the deal are Enterprise's
interests in the producing Siri oil field and the nearby Stine discovery. In
addition, Paladin will also assume certain liabilities associated with
Enterprise's activities in Denmark.
The transaction is effective from 1 July 2001, and is subject to the consent
of the Danish Government and the approval of Paladin's shareholders.
Completion is expected to take place at the end of September.
The Siri field interest represented reserves of 4 million barrels and produced
5,900 barrels of oil per day net to Enterprise in the first half of 2001.
Pierre Jungels, Enterprise Oil Chief Executive, commented: 'We have received a
full price for assets that are no longer material to Enterprise. The
transaction demonstrates our commitment to extracting value from peripheral
assets, and enables us to concentrate our resources on activities with greater
long term potential.'
For further information please contact:
Patrick d'Ancona, Head of Public Relations 020 7925 4160
Notes to Editors:
The Siri field is located in the Danish Sector of the North Sea, close to the
Norwegian median line. It is operated by Statoil and commenced production in
March 1999. The field has been developed using a purpose-built production
jack-up unit, and offshore tanker loading system.
The Stine discovery, some 4 km from Siri, is being initially developed via an
extended-reach production well from the Siri platform. This well is currently
being drilled and is expected to be put on production in September 2001.
The full list of interests acquired by Paladin is given below:
Licence Field EODL equity Operator
6/95 Siri 20 per cent Statoil
6/95 Stine 20 per cent Statoil
7/98 60 per cent EODL