Hague and London Oil announces update on ONE-Dyas transaction

Hague and London Oil, the energy company with a portfolio of production, development, appraisal, exploration and infrastructure assets primarily focused on the Southern North Sea, has announced that it has recently received approval from the Ministry of Economic Affairs and Climate Policy for transfer of ownership in the D12b licence, offshore Netherlands, subject to the Proposed Transaction with ONE-Dyas (OND) for certain assets in the United Kingdom (UK) and the Netherlands.

The Company has also acknowledged that the ‘first gas’ was recently produced from the Sillimanite Natural Gas Field offshore UK & the Netherlands (Sillimanite Unit) inclusive of the D12b licence.

Further work and drilling continues on the Sillimanite Unit for the full field development; this is anticipated within the coming months.

Additionally, the mandatory public consultation period for a provisional award of the F4a Block, offshore Netherlands, has recently closed. Therefore, subject to there having been no further consultation, or response being required, HALO would contemplate a formal award of the F4a Licence to the Company and partners by the Ministry relatively soon.

Any further updates with respect to any relevant Corporate Activity will be issued as, and when, such are required. Otherwise, HALO shall continue to focus on the Proposed Transaction with OND and wider Corporate initiatives already disclosed; these include the entire Corporate Portfolio and overall Strategic and Financing initiatives underway.

Source: Energy-pedia