NEO Energy Completes Acquisition of Zennor Petroleum
NEO Energy, the independent full-cycle North Sea operator in the UK Continental Shelf backed by HitecVision, is pleased to announce the completion of its acquisition of independent oil and gas company Zennor Petroleum Limited. The completion further solidifies NEO’s position among the largest oil and gas producers in the UKCS and delivers an asset portfolio with significant scope for organic growth. The experienced Zennor team will now join NEO, increasing overall headcount to over 180 staff.
This transaction, alongside the ongoing acquisition of a package of assets from ExxonMobil, will increase NEO’s production to circa 80,000 barrels of oil equivalent per day (boepd) in 2021 with further developments providing a stable production base in the period 2022 – 2026 of between 90,000 and 100,000 boepd.
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