Oranje gains Dutch North Sea licence

Double Dutch: Oranje makes second Dutch North Sea acquisition of 2011

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Bill Lehane

, Bill Lehane

 13 September 2011 13:32 GMT

Dutch-based Oranje-Nassau Energie has completed its acquisition of operatorship and a 41.7% interest in the Q16A licence in the Dutch North Sea.

The private oil and gas player has acquired the interest from Nederlandse Aardolie Maatschappij, a 50/50 venture involving Shell an ExxonMobil, using its own funds and reserve-based banking facilities.

The licence area includes the producing Q16FA gas field in a deal that will boost Oranje’s reserve base by 2.5 million barrels of oil equivalent to 30 million.

The acquisition will increase the company’s daily production rate by 1,500 barrels of oil equivalent to 10,000.

Chief executive Alexander Berger said that the deal, when taken together with April’s $103 million acquisition of Toronto-listed junior Cirrus…

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