M&A Deal Summary

NEO Energy Acquires Zennor Petroleum

On March 8, 2021, NEO Energy acquired oil/gas exploration company Zennor Petroleum from Kerogen Capital for 625M USD

Acquisition Highlights
  • This is NEO Energy’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is NEO Energy’s 2nd largest (disclosed) transaction.
  • This is NEO Energy’s 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2021-03-08
Target Zennor Petroleum
Sector Oil/Gas Exploration
Buyer(s) NEO Energy
Sellers(s) Kerogen Capital
Deal Type Add-on Acquisition
Deal Value 625M USD
Advisor(s) Citigroup Investment Banking (Financial)

Target

Zennor Petroleum

Surrey, United Kingdom
Zennor Petroleum is an independent oil and gas company engaged in the exploration, appraisal, development, and production of hydrocarbons on the UKCS. Its assets are located across the Central, Northern, and Southern North Sea. Zennor is an established UKCS operator and currently has a production of around 5,000 boe/day. Zennor Petroleum is based in Surrey, United Kingdom.

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Buyer(S) 1

Buyer

NEO Energy

Aberdeen, United Kingdom
Category Company
Founded 2019
Sector Oil/Gas Exploration
DESCRIPTION

NEO Energy is an independent full-cycle energy business in the UK. NEO Energy was founded in 2019 and is based in Aberdeen, Scotland.

DEAL STATS #
Overall 3 of 3
Sector (Oil/Gas Exploration) 3 of 3
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 3 of 3
Year (2021) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-24 Exxon Mobil - U.K. upstream central and northern North Sea assets

United Kingdom

Exxon Mobil Corp.'s U.K. upstream central and northern North Sea assets include ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster, and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. Exxon Mobil Corp.'s U.K. upstream central and northern North Sea assets are based in the United Kingdom.

Buy $1.0B

Seller(S) 1

SELLER

Kerogen Capital

Hong Kong, China

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 2.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Kerogen Capital is a provider of growth and development capital to small and medium-sized oil and gas companies. Kerogen primarily focuses on the upstream oil and gas sector serving demand from Asia. Geographic areas of focus predominantly span South East Asia, Central Asia, and select countries in the Middle East and Africa. Kerogen Capital has offices in Hong Kong and London.

DEAL STATS #
Overall 2 of 4
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 1 of 1
Country (United Kingdom) 1 of 1
Year (2021) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-30 Energean Israel

Israel

Energean Israel Ltd. is an owns and operates of and holds a 100% interest in each of the Karish and Tanin gas fields.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-18 BW Ideol

La Ciotat, France

BW Ideol is a provider of floating foundations to the offshore wind industry. BW Ideol was founded in 2010 and is based in La Ciotat, France.

Sell -
Mergr

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