As a Group, HALO enjoyed a full year’s natural gas production offshore Holland from the November 2017 acquisition of Tullow 101 Netherlands B.V.
Additionally, another transaction was announced and closed; the acquisition of Third Energy Offshore Ltd., (TEOL). TEOL’s inclusion in the Group’s portfolio expanded HALO’s footprint into the United Kingdom’s offshore sector.
HALO achieved its stated goals in 2018 through the integration of producing assets offshore Holland, associated infrastructure; and expanding the corporate presence to the UK.
The Group recorded revenues of £31.1m (2017: £4.3m) and an operating profit (before interest and taxes) of £6.5m (2017: £0.21m). In cash terms, cashflow from operations was £12.3m (2017: £2.2m) and, after capital expenditures of £4.9m (2017: £3.9m), resulted in a year end cash position of £11.3m (2017: £3.8m).
HALO’s assets produced an average of 2,391 boepd, net to the interests acquired and the Group now has net, proven plus probable (“2P”) reserves of 17.2 mmboe between Holland and the UK.
Net average production of 2,391 boepd
December – Acquisition of Third Energy Offshore Ltd
August – L13-FI development brought onstream
November – Reverse takeover of Tullow 101 Netherlands B.V
August – MoU signed with Engie
Corporate restructuring as Hague and London Oil Plc
Offices relocated to The Hague
Relinquishment of Juan de Nova (East Africa), a Wessex Exploration asset
May – Award of 35% interest in new Offshore Exploration Licence in Bournemouth Bay, UK
October – Acquisition of Hague and London Oil BV by Wessex Exploration PLC
October – Acquisition of SC54, Offshore Philippines
Hague and London Oil BV, a privately owned oil & gas company, is founded