Page 8 - EurOil Week 14 2021

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Tailwind snaps up fellow UK

junior Decipher

UK TAILWIND Energy has snapped up fellow UK and gas at the Conwy field in the East Irish Sea.
North Sea junior Decipher Energy for an undis- It also commands a 25% interest in the Serica
Both companies were closed price. Energy-operated Columbus field in the North
set up in 2016. In a brief statement on April 1, London-based Sea, which is scheduled to start up later this year.
Tailwind said the move would allow it to con- Decipher was also set up in 2016 and earns its
tinue with its strategy of “exploiting organic revenues from production at the Orlando field
production and near-term reserves growth in the North Sea. It is supported by US investors
opportunities while building out its portfolio.” Oaktree Capital and Sixth Street. The company
The transaction is subject to statutory regula- took a 75% interest in Orlando in 2017, when it
tory and government approvals, Tailwind said, acquired Iona Energy, which by that stage was
without saying when it expected the deal to close. in administration. It bought an extra 25% from
Tailwind was established in 2016 by a man- Atlantic Petroleum and revived plans to exploit
agement team with collectively more than 200 the field by tying it back to CNR International’s
years of experience in investment and in explora- Ninian Central platform.
tion and production, and is supported by private Orlando was brought on stream in March
commodities and energy group Mercuria. 2019. It was originally slated to peak at 10,000
The company has been steadily accumulat- barrels per day, but operational setbacks meant
ing more assets, acquiring Royal Dutch Shell it failed to reach even 5,500 bpd.
and ExxonMobil’s interests in the Triton cluster Decipher was also hoping to develop the
in 2018. It went on to buy the UK operations of Senna and Mansell discoveries, estimated at
Texan producer EOG Resources later that year. 30-66mn and 4-7mn of recoverable barrels of oil
In addition to Triton, Tailwind also lifts oil in respective size. ™

P8 www. NEWSBASE .com Week 14 08•April•2021