Hague and London Oil (Halo) has moved a step closer to completing its acquisition of stakes in a southern North Sea project after receiving UK regulatory approval.
In September, Halo said it had agreed to buy stakes in several Dutch and UK North Sea assets from One-Dyas for £7.8 million.
Halo would receive 7.9% of the Sillimanite development, straddling the Dutch and UK median line in the southern North Sea and operated by Wintershall Dea.
Sillimanite comprises 11.73% of Block 44/19a in the UK and 7.037% of Block
D12b in the Netherlands.
The company announced today that the Oil and Gas Authority had “granted consent to licence assignment” and approved the “apportionment of rights” for One-Dyas’s interest in block 44/19a to Halo.
Halo described OGA consent as a “significant condition” in the proposed acquisition, which is expected to go through early in 2020.
It’s understood that Wintershall Dea made FID on Sillimanite in the southern North Sea in 2018, but only formally announced the decision in February 2019.
Halo, which has bases in the UK and Netherlands, was founded in 2012 to primarily focus on building a portfolio in the SNS.
Late last year, the firm bought Third Energy Offshore, giving it stakes in a number of SNS fields, including 45% of the Greater Pegasus Area and the Andromeda prospect, both operated by Spirit Energy.