Neo Energy Holdings

UK Portfolio Assets Acquisition - Financing

Borrower (s)
Neo Energy Holdings
Industry
Oil & gas/Oil - Upstream (Exploration and production)
Area of finance
Project & Infrastructure Finance
Region
Europe
Countries
United Kingdom

Deal Overview

NEO Energy is an independent full-cycle energy business in the UK Continental Shelf (UKCS), which benefits from a strong institutional backing from HitecVision, a leading provider of institutional capital to the North Sea region’s energy industry. NEO's ambition is to be a leading producer...

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NEO Energy is an independent full-cycle energy business in the UK Continental Shelf (UKCS), which benefits from a strong institutional backing from HitecVision, a leading provider of institutional capital to the North Sea region’s energy industry. NEO's ambition is to be a leading producer in the UKCS, reaching 120,000 boepd in 2023 through M&A and maintaining a stable production level of 80,000-120,000 boepd in the long term. 

In line with the growth objective, NEO has exercised a $1.56bn accordion option embedded in their inaugural Reserve Based Financing facility, which proceeds of ultimately supported the acquisitions of Zennor Petroleum (completed on 12th July 2021) and UK portfolio of assets from ExxonMobil (completed on 8th December 2021, covering stakes in 21 assets, including 14 producing fields and a number of infrastructure positions, mainly operated by Shell).

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Deal Volume
$ 1.63bn
Financial Close
08 December 2021
Sources
Submitted by participant(s)

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Tranches


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Projects

ExxonMobil Portfolio of Oil&Gas Assets in the Central and Northern North Sea

Brownfield
Oil - Upstream (Exploration and production)
Europe
United Kingdom
$ 1.63bn

Zennor Petroleum Oil&Gas Assets Portfolio

Greenfield
Oil - Upstream (Exploration and production)
Europe
United Kingdom
$ 625m