In a significant move that expands their footprint in the North Sea oil and gas sector, Orcadian Energy has announced the acquisition of shares of HALO Offshore UK Ltd, from the joint liquidators of Hague and London Oil.
This acquisition marks a pivotal moment for Orcadian Energy as it seeks to strengthen its position in the competitive North Sea energy sector, and aligns with the company’s broader strategy of leveraging low-emissions technology and innovative methods for oil extraction, striking a balance between energy supply and environmental sustainability.
HALO once possessed multiple licenses in the Southern North Sea, encompassing the Pegasus and Andromeda fields, as well as the exhausted Schooner field. The company presently has no licenses since its 2022 collapse, which resulted in shareholders losing up to £18 million.
Orcadian did not disclose the price it paid for HALO’s UK shares or its justification for the acquisition. In other developments, Orcadian is advancing its plans for the Pilot, Fynn Beauly, and Elke projects.
