HALO announced early in 2017 that it had, through its subsidiary Hague and London Oil B.V., signed a sales and purchase agreement (SPA) with Tullow Oil Plc for the acquisition of production, reserves and transportation/processing facilities within The Netherlands. The transaction closed in November 2017 thus making HALO a producer of gas (& condensate) as well as being an equity participant in related mid-stream assets.
The Netherlands portfolio comprises interests in:
- the Northern Area;
- the Joint Development Area (JDA);
- fields adjacent to the JDA;
- the West Gas Transport (WGT) pipeline and processing plant
at Den Helder; and
- the WGT Extension pipeline.
The acreage under license spreads over approximately 2,800 sq. km and the assets generated total net production of ca. 2,680boepd in 2017.
The assets benefit from stable field production, long history, positive outlook and the Company sees potential for significant upside in proven undeveloped, probable reserves, contingent resources and prospective resources.
Gas produced from the Netherlands Assets trades in line with the Title Transfer Facility (“TTF”), a virtual trading point for natural gas in the Netherlands.