Harbour Energy Ltd., the energy investment vehicle managed by EIG Global Energy Partners, has agreed to lead the acquisition by Chrysaor Holdings Limited of a diversified portfolio of oil and natural gas assets from Shell UK Limited and its affiliates.
The asset package includes Shell interests in ten operated and non-operated field areas, in addition to associated infrastructure and midstream assets, and an organization of approximately 400 employees. Collectively, the assets produced 115,000 barrels of oil equivalent per day in 2016. Harbour expects them to comprise approximately 350 million barrels of oil equivalent proven and probable (2P) reserves as at the transaction effective date of July 1, 2016. Harbour Energy, together with funds managed by EIG, will provide Chrysaor with up to $1 billion to support the acquisition and provide future growth capital. The remainder of the capital required for the acquisition will be provided by lenders.
Linda Z. Cook, the CEO of Harbour Energy, and R. Blair Thomas, the CEO of EIG, will serve as directors on the board of Chrysaor, with Cook assuming the role of chairman.
White & Case LLP is serving as legal counsel to Harbour Energy in connection with the transaction.