| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
SSE agrees sale of gas exploration and production assets for £120m
StockMarketWire.com
|
Energy giant SSE has agreed to sell all of its interests in its portfolio of gas exploration and production assets to Viaro Energy via its subsidiary RockRose Energy for £120 million.
The transaction is based on a 'locked box' economic date of 31 March 2019 and is subject to regulatory approval and partner consent.
The portfolio comprises non-operational equity shares in over 15 producing fields in three regions in the North Sea, including the Easington Catchment Area, the Bacton Catchment Area, and the Greater Laggan Area.
As part of the transaction, SSE will retain an obligation to pay 60% of the decommissioning costs, payable as the decommissioning of the assets occurs.
Gregor Alexander, finance director, said: We have said for some time that gas exploration and production assets are inconsistent with our future ambitions and vision to be a leading energy company in a net-zero world.
This sale clearly comes at a difficult time for the E&P sector, and the economy as a whole, but we believe it is the right move for our shareholders as we focus our resources on our core low-carbon businesses.
At 1:53pm: (LON:SSE) Sse PLC share price was 0p at 1362p
Story provided by StockMarketWire.com
|
|
|
|
|
|
