First Oil continues North Sea wind-down process

Offshore staff

MANCHESTER, UK – First Oil Group subsidiary First Oil Expro, which owns various interests in UK North Sea fields, has entered administration.

Last Friday Jim Tucker, Blair Nimmo, and Richard Beard of KPMG LLP were appointed joint administrators.

Their first act was to execute a conditional sale agreement with Zennor Petroleum for the sale of First Oil’s interest in assets including First Oil and Gas Ltd. and Antrim Resources NI Ltd.

These two companies remain outside of administration but will be wholly owned by Zennor after the completion of various formalities.

The conditional sale agreement provides for the transfer of the group’s interest in the producing fields Mungo and Monan fields in license P059, Bacchus (P255), Cormorant East (P201) and Causeway (P1383), all in the central and northern UK North Sea.

In addition, Zennor takes on interests in the undeveloped discoveries Glenn (P244 JR) and Platypus (P1214).

Prior to the appointment of the administrators, the group executed a sale of First Oil’s 15% stake in the Kraken heavy-oil field development to operator EnQuest and partner Cairn Energy.

Neither partner will reimburse First Oil for its share of costs incurred on the development to date.

02/22/2016

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