Orcadian Energy plc has acquired for an undisclosed sum all of the ordinary shares of Hague and London Oil Offshore UK Ltd from the joint liquidators of Hague and London Oil plc (HALO).
LOSSES
HALO previously held a number of licences across the southern North Sea, including “participation” in wells on Pegasus and Andromeda and the depleted Schooner field.
The company, which went into liquidation two years ago with reported losses of £18 million, currently holds no licences.
Orcadian still has to pay $1.43m in debt to Shell International Trading and Shipping Company Ltd (Stasco).
The amount is expected to be met by the as yet unannounced proposed farm-in or joint venture partner for the Earlham discovery in the southern North Sea.