• 15 Nov 2011
  • Europe

TAQA reaches a conditional agreement to acquire North Sea assets from Premier

Aberdeen, U.K- TAQA Bratani Limited (“TAQA Bratani”), the UK subsidiary of Abu Dhabi National Energy Company PJSC, has agreed to purchase from Premier Oil plc (“Premier”) certain assets that Premier will acquire following completion of its acquisition of Encore Oil plc. Under the agreement, TAQA will acquire a 16.6% per cent working interest in the Sterling-operated Cladhan area that is located in Blocks 210/29a and 210/30a in the Northern North Sea 17.5 km southwest of the TAQA operated Tern platform, for a consideration of $54.8 million including an allocation for tax allowances. TAQA has also agreed to farm-in to Blocks 28/5, 29/1d and 28/10a located in the Central North Sea.Leo Koot, TAQA Bratani’s managing director, said: “This agreement reinforces TAQA’s commitment to the North Sea. Cladhan is located adjacent to our existing operations in the Northern North Sea and it is a significant development in the area. The farm-in which includes access to the Coaster prospect, speaks to a further expectation of TAQA’s strategy. We are eager to expand our exploration portfolio to include high quality opportunities outside our existing core area. We anticipate drilling the Coaster prospect with Premier next year.”- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

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