15th Feb 2008 07:00
Centrica invests to acquire additional interests in North Sea gas assets Centrica plc, the owner of British Gas, today announced it is adding to its gasassets in the North Sea by acquiring 50 per cent of the equity in gas fieldsheld by Sojitz Energy Project Limited for $70 million (£36 million) in cash. Theagreement will see Centrica taking additional equity in gas fields which italready operates, following its acquisition of Newfield UK in September 2007.The investment, after associated capital expenditure, is expected to add afurther 32 billion cubic feet of reserves to Centrica's portfolio over the nextthree years. This builds on the 300 billion cubic feet of reserves securedthrough the acquisition of Newfield UK last autumn. Following completion of the deal, which is conditional on certain third partyconsents, Centrica will hold a 92.5 per cent interest in the producing Grovefield and a 90 per cent interest in the Seven Seas development, the Sloop gasdiscovery and associated exploration acreage. Since the acquisition of Newfield UK, Centrica has seen higher than expectedproduction from the Grove field. The addition of offshore compression facilitiesand another well in late 2008 are expected to further increase production rates. Sam Laidlaw, Chief Executive of Centrica, said: "This agreement will build onour acquisition of Newfield UK and gives us further interests in gas assetswhere we already have a strong position. "It also reaffirms our continued commitment to additional upstream investment toincrease our level of energy resources to supply our British Gas and Europeancustomers." \* TEnquiries: Centrica Investor Relations:01753 494900 Centrica Media Relations:Andrew Hanson, 01753 492551\* T Notes to editors: 1/ The acquisition is being made through Centrica Resources Limited. Copyright Business Wire 2008Related Shares:
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