TAQA set to operate North Sea Cladhan project

Offshore staff

ABERDEEN, UK – TAQA Bratani has agreed to acquire a 13.5% interest in the North Cladhan area of the UK northern North Sea from Sterling Resources (UK).

The transaction, which relates to blocks 210/29a and 210/30a, has an initial price tag of $47 million.

It includes an allocation to tax allowances, and will be paid for via a combination of cash and an undertaking to fund part of Sterling’s development costs for its remaining interest in Cladhan.

TAQA will assume operatorship on or shortly following approval of the final field development plan which should submitted by the end of this summer.

Subject to third party approvals, the realigned equity positions will be TAQA (40.1%), Sterling (26.4%), and Wintershall (33.5%). TAQA acquired its current 26.6% interest in Cladhan earlier this year through two separate transactions.

In addition, the company will earn a 12.5% interest in blocks 210/29c and 210/30b via a farm-in agreement.

Leo Koot, TAQA Bratani's managing director, said: “Cladhan is a significant likely development project and is located adjacent to our existing operations in the northern North Sea.”

4/20/2012

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