7 Apr 2022
SICCAR POINT ENERGY TO BE ACQUIRED BY ITHACA ENERGY
Siccar Point Energy has announced it has signed a sale and purchase agreement with Ithaca Energy. The transaction is expected to close around the end of Q2 2022. Jonathan Roger, CEO of Siccar Point Energy, commented:
“We are proud of what Siccar Point Energy has achieved as a result of the dedication of our team and support of our sponsors, Blackstone and Bluewater, and combining our business with Ithaca Energy is a natural step to take the portfolio through the next stage of organic growth. Ithaca is extremely well placed, given its material production base, to pick up the baton and unlock the significant growth opportunities in the Siccar Point portfolio. This will ensure the UK continues to deliver reliable UK oil and gas production for powering homes and businesses and manufacturing essential products, maintaining energy security during the planned energy transition. We look forward to working with the Ithaca Energy team to support the integration of the businesses.”
Ithaca Energy media release is here
Siccar Point Energy Nordic ABM announcement is here
Media enquiries:
Gayle Grant, +44(0)7702 737135, siccarpointenergy@bigpartnership.co.uk
Zoe Ogilvie, +44 (0)7973 983243, siccarpointenergy@bigpartnership.co.uk
2 Dec 2021
SICCAR POINT UNDERLINES IMPORTANCE OF CAMBO FOR UK ENERGY SECURITY
Siccar Point Energy confirms that its partner in the Cambo development Shell has taken the decision to not progress its investment at this stage.
Jonathan Roger, CEO of Siccar Point Energy said: “Cambo remains critical to the UK’s energy security and economy. Whilst we are disappointed at Shell’s change of position, we remain confident about the qualities of a project that will not only create over 1,000 direct jobs as well as thousands more in the supply chain, but also help ease the UK’s transition to a low carbon future through responsibly produced domestic oil instead of becoming even more dependent on imports, with a relatively higher carbon intensity. We will continue to engage with the UK Government and wider stakeholders on the future development of Cambo.”
7 Jun 2021
CAMBO FIELD DEVELOPMENT ENVIRONMENTAL STATEMENT (D/4261/2021)
An application for consent has been submitted to the OGA for the Cambo Field Development. As required under the Offshore Oil and Gas Exploration, Production, Unloading and Storage (Environmental Impact Assessment) Regulation 2020 an Environmental Statement has been developed and formally issued to BEIS. Under the requirements of Regulation 11, Siccar Point has made the ES, a summary of the project and the public notice available for consultation. The consultation period will end 10 July 2021. Click here to view the Environmental Statement and click here to view the project summary.
19 Feb 2021
NEWS UPDATE: SICCAR POINT’S SUCCESSFUL PLACEMENT OF $200 MILLION SENIOR UNSECURED BOND ISSUE
Siccar Point has through its subsidiary Siccar Point Energy Bonds plc (the ‘Issuer’) successfully completed a $200 million senior unsecured bond issue with maturity in March 2026. The new bonds will have a fixed coupon of 9.0% p.a. The net proceeds from the bond issue shall be applied towards early repayment of all amounts outstanding under its $200 million bond issue with ISIN NO 001 0815053 and maturity 31 January 2023 at settlement of the new bond. DNB Markets, Pareto Securities and SpareBanken 1 Markets acted as Joint Lead Managers in connection with the placement of the new bond issue.
8 Feb 2021
NEWS UPDATE: SICCAR POINT TOPS UKCS COLLABORATION INDEX
Siccar Point Energy has taken the top ranking in Deloitte and OGUK’s Collaboration Index as measured by the supply chain.
It is the second time the independent North Sea business has taken the top spot since it started participating in 2017 and it has consistently been in the top three performers in each Index.
The industry-wide Collaboration Index, which measures the effectiveness of companies as partners in projects, is part of the annual UKCS upstream supply chain collaboration survey. The Index allows respondents to confidentially rate their partners. Aggregated figures demonstrate how collaboration is progressing in the UKCS in response to openness, incentives, and business processes.
17 Dec 2020
NEWS UPDATE: SICCAR POINT EXTENDS RESERVES BASED LENDING FACILITY
Siccar Point Energy has signed an agreement with its banking syndicate to extend the maturity of its $550 million Reserves Based Lending Facility (“RBL”).
The final maturity of the facility has been extended to 2027 (from 2025), restoring the original seven-year maturity. There are no other material changes to the commercial terms of the RBL.
The facility was reduced in size in 2020 to $550 million at Siccar Point Energy’s request in line with operational requirements.
Siccar Point Energy was advised by Rothschild & Co and Ashurst.
Siccar Point Energy CEO Jonathan Roger said: ‘We are pleased to have the support of a strong group of RBL lenders. The regular extension of our RBL facility provides a solid platform on which to plan our development activities.
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8 Sep 2020
NEWS UPDATE: SICCAR POINT ENHANCES ITS STRATEGIC ACREAGE POSITION IN 32ND LICENSING ROUND
Siccar Point has secured four new licences in UK Oil & Gas Authority’s 32nd Licensing Round for the UK Continental Shelf.
30 Mar 2020
SICCAR POINT ENERGY ANNOUNCES CAMBO FID DEFERRAL TO 2021
Operator Siccar Point Energy E&P Ltd and its joint venture partner, Shell UK, have announced the deferral of the planned sanction date for the Cambo project to 2021 in light of the unprecedented worldwide macroeconomic dislocation resulting from Covid-19.
29 Aug 2019
SICCAR POINT ENERGY ANNOUNCES CAMBO FEED CONTRACT TO SEMBCORP MARINE
Operator Siccar Point Energy has awarded an exclusive Front-End Engineering and Design contract to Sembcorp Marine for the design of a Sevan cylindrical FPSO for its Cambo field development on the UK Continental Shelf.
15 Aug 2019
NEWS UPDATE: MARINER ON STREAM
Equinor and partners announce first oil from the Mariner field in the UK North Sea. The field is one of the largest by remaining reserves in the UK and will produce for over 30 years. Click here to view Equinor's press release
28 Jun 2019
LYON EXPLORATION WELL RESULTS
Operator Siccar Point Energy has completed an exploration well 208/02-1 on the Lyon Prospect in Licence P1854 in the West of Shetlands. The purpose of the well was to test both a new play concept and an extensive seismic amplitude anomaly with attributes characteristic of gas accumulations. The target interval contained 44m of siltstone and claystone with gas shows but the well did not encounter reservoir quality sandstone. As a result, the well was plugged and abandoned.
14 May 2019
BLACKROCK EXPLORATION WELL RESULTS ANNOUNCED
Siccar Point has completed drilling the Blackrock exploration well 204/5b-2 in the West of Shetland. The well has proven the existence of intra-volcanic charged reservoirs between the Cambo and Rosebank fields. The well results will now be incorporated with existing regional data to better define and target thicker reservoir packages.
19 Mar 2019
NEWS UPDATE: SICCAR POINT ENERGY COMPLETES $100 MILLION TAP ISSUE OF EXISTING UNSECURED BOND
Siccar Point is pleased to annouce the closing of a $100 million tap issue of its existing five year, unsecured bond listed on the Nordic ABM.
19 Mar 2019
SICCAR POINT ENERGY SPUDS BLACKROCK EXPLORATION WELL
Siccar Point Energy has commenced its 2019 drilling campaign with the spudding of an exploration well at the Blackrock prospect. The campaign, using Diamond Offshore’s Ocean Great White semi-submersible rig, is expected to take around five months and also includes the Lyon exploration prospect North of Shetland.
12 Dec 2018
SICCAR POINT ENERGY INCREASES EXISTING RESERVES BASED LENDING FACILITY
12 December 2018. Siccar Point Energy has signed an agreement with its existing syndicate of banks to increase and extend its existing Reserves Based Lending Facility (“RBL”). Key features are:
• Increase in facility limit from $600 million to $800 million. Availability under the RBL has also increased to over $700 million.
• Final maturity extended to 2025 (from 2023), restoring original seven-year maturity.
• Increased ability to issue additional subordinated debt.
• All Siccar Point Energy’s existing banks participated in the increase.
Siccar Point Energy CEO Jonathan Roger said: “The ongoing support of such a strong bank group positions Siccar Point extremely well financially to deliver our forward plans. Next year is shaping up to be another exciting chapter for the company with first production from the Mariner field, our two high impact Blackrock and Lyon exploration wells, and of course progressing the Cambo development towards project sanction following the highly successful well test earlier this year.”
11 Sep 2018
NEWS UPDATE: LYON WELL DEFERRED UNTIL 2019
With the Cambo well operations shortly due to complete, Siccar Point Energy E&P Limited (“Siccar Point”) and its JV partner have elected to defer the drilling of the Lyon exploration well (Licence P.1854) until 2019. This is primarily to mitigate the risk of weather downtime as the well would continue into the winter season if drilled in direct continuation with Cambo. The Lyon well will now form part of Siccar Point’s 2019 drilling programme which also includes the Blackrock exploration well (Licence P.1830).
Jonathan Roger, CEO of Siccar Point said: “Given the challenges of winter drilling West of Shetland, it makes sense to defer the Lyon well until next year to minimise the likely cost. On the plus side we have had a very successful result on Cambo and look forward to progressing that into the development phase.”
23 Aug 2018
CAMBO WELL TEST SUCCESS
Siccar Point Energy has successfully concluded well testing operations on the 204/10a-5 appraisal well in the Cambo field, north-west of Shetland.
23 May 2018
SICCAR POINT ENERGY 30TH LICENSING ROUND AWARDS
Siccar Point Energy has secured additional strategic acreage in the Oil & Gas Authority's 30th Licensing Round for the UK Continental Shelf. In a 50:50 partnership with Shell, Siccar Point will operate the exploration and appraisal phases of the licence which adds to their already extensive acreage position in the Greater Cambo Area in the West of Shetland.
2 May 2018
CAMBO WELL SPUD AND SHELL DEAL COMPLETION
Siccar Point Energy has started drilling a final appraisal well on the Cambo field and has also confirmed the completion of a sale and purchase agreement with Shell UK Limited for a minority interest of the acerage.
29 Mar 2018
SICCAR POINT ENERGY ANNOUNCES SALE OF MINORITY INTEREST IN GREATER CAMBO AREA TO SHELL UK LIMITED
Siccar Point Energy ("Siccar Point") is pleased to announce that on 28 March 2018, a Sale and Purchase Agreement was signed with Shell UK Limited (“Shell”) under which Shell will acquire a 30% non-operated working interest in UKCS licences P1028 and P1189 (incorporating the Cambo discovery) and a 22.5% non-operated working interest in P1830 (including the Blackrock prospect).
31 Jan 2018
NEWS UPDATE: SICCAR POINT ENERGY ANNOUNCES $100 MILLION SENIOR UNSECURED BOND
Siccar Point Energy are pleased to announce its first bond issue with the successful closing of an oversubscribed $100 million, 5 year, fixed rate (9.0% p.a.) senior unsecured bond.
22 Dec 2017
NEWS UPDATE: SICCAR POINT ENERGY COMPLETES DIVESTMENT OF JACKDAW
Siccar Point Energy E&P Limited today completed the divestment of its 26.0% equity interest in the Jackdaw discovery to Dyas UK Limited. Click here to read more on the divestment.
4 Dec 2017
SICCAR POINT TO DRILL LYON EXPLORATION WELL IN 2018
Siccar Point Energy E&P Limited ("SPE" or the "Company") is pleased to confirm that the previously announced Lyon exploration well farm‐out deal with Ineos UK SNS Limited ("Ineos") has now completed. The company has also simultaneously entered into a contract extension with North Atlantic Drilling Ltd ("North Atlantic Drilling") for the West Hercules semisubmersible to drill the Lyon well immediately following the Cambo appraisal well in 2018.
21 Nov 2017
SICCAR POINT ENERGY FARMS OUT LYON PROSPECT
Siccar Point Energy E&P Limited (SPE) is pleased to announce that it has entered into a farmout agreement with Ineos UK SNS Limited (Ineos) covering two exploration licences (P.1854 and P.1935) in the West of Shetlands area, containing the significant Lyon prospect. To read the Ineos press release please click here
6 Nov 2017
SICCAR POINT ENERGY DIVESTS EQUITY IN JACKDAW
Siccar Point Energy are please to announce it has entered into a Sale and Purchase Agreement to divest its 26.0% equity interest the Jackdaw discovery to Dyas UK Limited.
31 Oct 2017
SICCAR POINT ENERGY AND BAKER HUGHES SIGN AGREEMENT FOR THE DEVELOPMENT OF THE CAMBO FIELD
Siccar Point Energy (SPE) and Baker Hughes, a GE company (NYSE:BHGE) announced an agreement for the development of the Cambo field, located North West of the Shetland Islands in the UK.
7 Aug 2017
MARINER A TOPSIDE NOW COMPLETE
Mariner A topside is now complete. To see the final installation and heavy lifting click on the link to see Statoil's footage. Photo credit: Jamie Baikie/Statoil
10 Jul 2017
FIRST LIFT ON MARINER
Click on the link to see the first of eight Mariner topsides being installed on the field.
3 Jul 2017
KICK-OFF FOR STATOIL’S UK EXPLORATION CAMPAIGN
News update - Statoil will soon commence a three-well exploration drilling campaign with the Transocean Spitsbergen semi-submersible rig, starting with the Mariner Segment 9 on the Mariner Field.
19 Jun 2017
NORTH ATLANTIC DRILLING LTD ANNOUNCES CONTRACT AWARD FOR WEST HERCULES WITH SICCAR POINT ENERGY
News update - North Atlantic Drilling Ltd has been awarded a one well contract with Siccar Point Energy for Seadrill Limited's semi-submersible West Hercules for work on the Cambo discovery, West of Shetland.
16 Jun 2017
SICCAR POINT ENERGY CHOOSES HILL OF RUBISLAW AS ITS NEW HEADQUARTERS
News update - Siccar Point Energy have moved into their new headquarters at the recently redeveloped H1 building.
22 May 2017
BP ANNOUNCES QUAD 204 START-UP
Siccar Point Energy news update – BP today announced the start of production from Quad 204, one of the largest field redevelopments in the North Sea.
9 May 2017
MARINER TOPSIDE STRUCTURES SET SAIL FOR UK
Siccar Point Energy are pleased to provide a news update on the Statoil operated Mariner Field - the Mariner topsides modules began their journey this week from the construction yard in South Korea, to the Statoil operated Mariner Field, located east of Shetland.
13 Jan 2017
SICCAR POINT ENERGY COMPLETES ACQUISITION OF OMV (U.K.) LIMITED
Siccar Point Energy Limited (“Siccar Point”) today announces the completion of the acquisition of OMV (U.K.) Limited (“OMV UK”) from OMV AG (“OMV”).
9 Nov 2016
SICCAR POINT ENERGY ANNOUNCES ACQUISITION OF OMV (U.K.) LIMITED
Siccar Point Energy Limited (“Siccar Point”) today announces the acquisition of OMV (U.K.) Limited (“OMV UK”) from OMV AG (“OMV”). Aberdeen-based Siccar Point is a North Sea focussed E&P company backed by funds managed by Blue Water Energy (“Blue Water Energy”) and Blackstone Energy Partners (“Blackstone”).
13 May 2015
CHRIS FINLAYSON APPOINTED TO OUR BOARD
SICCAR POINT ENERGY LIMITED TODAY ANNOUNCED THE APPOINTMENT OF CHRIS FINLAYSON, FORMER CEO OF BG GROUP, AS A NON-EXECUTIVE DIRECTOR ON THE BOARD OF SICCAR POINT ENERGY.
16 Sep 2014
DR. NICK COOPER JOINS OUR BOARD
SICCAR POINT ENERGY STRENGTHENS BOARD WITH THE APPOINTMENT OF NICK COOPER, CEO
OPHIR ENERGY, AS A NON-EXECUTIVE DIRECTOR.
1 Sep 2014
$500 MILLION INVESTMENT
SICCAR POINT ENERGY LIMITED ANNOUNCES $500 MILLION INVESTMENT
LED BY BLUE WATER ENERGY AND BLACKSTONE ENERGY PARTNERS TO
FUND OIL & GAS EXPLORATION, DEVELOPMENT AND PRODUCTION IN THE
NORTH SEA