Leading law firm Addleshaw Goddard has advised Waldorf Production on a deal to acquire Alpha Petroleum Resources Limited, along with their offshore North Sea interests.
The Cheviot field, which is fully owned and operated by Alpha, is one of the largest undeveloped fields in the UK North Sea, with estimated reserves of 50 MMBbls of oil and 120 bcf of future gas production. Helvellyn, Tors and Wenlock, three mature, producing Southern North Sea assets, will be restored to increase gas production. The deal for the upstream oil and gas company is expected to close in autumn 2022.
Addleshaw Goddard has advised Waldorf since its inception, acting on previous acquisitions including interests in the Alba, Bacchus, Bittern, Columbus and Enoch fields in 2019, in Catcher and Kraken from Cairn Energy in 2021, and the acquisition of MOLs UK continental shelf assets agreed earlier this year.
The AG team advising on the deal was led by Partners Paul Jones and David McEwing, supported by Sam Walley, Jacquelynn Craw, Katie Bush, Elizabeth Lilley and Megan Marshall.
Paul Jones and David McEwing said: "This is another important deal for the North Sea and one that will have a positive impact on the overall picture of the UK's energy security going forward. Waldorf has built an impressive portfolio of assets in recent years with a series of exciting acquisitions. Having supported the business at every stage of its North Sea journey we are happy to play a part as it continues to capitalise on growth opportunities in production and development."