HALO cleared for Dutch offshore license interest transfer

Oil and gas company Hague and London Oil (HALO) has received approval from the Dutch Ministry of Economic Affairs and Climate Policy for transfer of ownership in the D12b license offshore Netherlands from ONE-Dyas (OND).

The transfer of the D12b license ownership is part of a deal to acquire several assets in the Dutch & UK sectors of the North Sea from ONE-Dyas (OND) agreed in September 2019.

These assets consist of 7.9% of the Sillimanite Development Unit, straddling the Dutch & UK median line in the North Sea; 0.85% of the Joint Development Area (JDA); 2.34% of the Western Gas Transmission (WGT) pipeline system, including the onshore Den Helder gas processing facilities; and, 4.167% net profit interests (NPl) on blocks in and adjacent to the JDA.

The proposed acquisition will increase HALO’s interests in the JDA and WGT to 10.80% and 11.22% respectively and a new entry with 7.9% of the Sillimanite Development Unit comprised of 11.73% Block 44/19a (UK (includes the Sillimanite West Discovery)) and 7.037% Block D12b (Netherlands).

The interests in the assets will be purchased for a price of €8.85 million ($9.7M) in cash at the closing of the sales purchase agreement.

HALO acknowledged on Monday that the first gas was achieved from the Sillimanite field inclusive of the D12b license. The project is operated by Wintershall Dea.

According to the company, further work and drilling continues on the field towards full development which is anticipated within the coming months.

HALO also stated that mandatory public consultation period for a provisional award of the F4a block offshore Netherlands has recently closed.

Therefore, subject to no further consultation or response being required, the company will contemplate a formal award of the block to the company and partners relatively soon.

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