Petrofac Invests in UK North Sea Interests

Petrofac has today completed the acquisition of a 40 per cent. interest in part of Block 211/18a in the UK North Sea containing a significant part of the undeveloped West Don field. Petrofac Resources has acquired the interest alongside FirstOil and Valiant Petroleum, each with a 30 per cent. interest, from BP and ConocoPhillips.

Petrofac Resources has also been awarded a 50 per cent. interest in the adjoining Block 211/18c in the 23rd Round. Valiant Petroleum holds the remaining 50 per cent.

Petrofac Resources, as operator on behalf of FirstOil and Valiant Petroleum, will look to draw on the expertise of its Engineering & Construction and Operations Services Divisions with a view to developing the field, including the possibility of operating as a satellite to the Thistle platform (to which Petrofac's Operations Services Division provides turnkey facilities management services).

Amjad Bseisu, Chief Executive of Petrofac Resources, commented: "This is a good example of where we can effectively deploy investment through our Resources division to the benefit of the wider group. The West Don area adds an exciting new prospect to our investment portfolio and we look forward to working with FirstOil and Valiant to fully maximise its potential."

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Posted 24/02/06

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