02 December 2005
Hewett - Sale & Purchase Agreement Lapses
On 30 August 2005, Petrofac Resources (Petrofac) announced that it had reached agreement with Centrica plc (Centrica) to acquire its 23.15% equity interest in the Hewett Field Unit area in the UK North Sea. The acquisition was subject to the approval of the Hewett partners and to the consent of the UK Department of Trade and Industry.
Petrofac has been advised by Centrica that Tullow Oil UK Limited, Eni UK Limited and Eni LNS Limited have declined to consent to the sale to Petrofac and that they wish to acquire Centrica’s interest on the same terms as negotiated by Petrofac. Accordingly, the obligations under the sale and purchase agreement between Centrica and Petrofac have lapsed.