Decipher Completes Acquisition of Iona

Decipher Energy Limited (“Decipher”) is delighted to announce the completion of the acquisition of Iona Energy Company (UK) Limited (“Iona”), which holds a 75% Licence interest in both Orlando and Kells. The company is also in the final stages of completing the acquisition of a further 25% interest in Orlando from Atlantic Petroleum North Sea Limited (“Atlantic”). Decipher have also been awarded the Senna discovery in Blocks 3/7c, 3/8c & 3/12 in the 29th Licensing Round.

Upon completion of the Atlantic acquisition Decipher will hold 100% of Orlando and is targeting completion of the development and first production during 2018.

Steve Bowyer, Chief Executive of Decipher Energy stated: “Our aim is to build a portfolio of developments in the North Sea which delivers significant returns for our investors. We believe Orlando is the ideal first development and we have been delighted by the positive response and collaborative approach of both the host infrastructure operator CNR International and the rest of the supply chain, with whom we will be working on this and future projects. We plan to work closely with an aligned supply chain consortium and are excited by the potential to be at the forefront of the next phase of development of the North Sea.”

Iona has remained the operator of Orlando throughout a long period of uncertainty and will exit administration in the coming days. The Orlando field will be developed as an 11km subsea tieback through the CNR International operated Ninian Central Platform. CNR International is fully engaged on the project and will lead the Ninian platform modifications.