Blue Water Energy has agreed to lead an investment of up to $300 million in Mime Petroleum AS. Based in Oslo, Mime Petroleum is focused on acquiring assets on the Norwegian Continental Shelf.
Oslo, 23RD May 2017 – Mime Petroleum AS (together with its subsidiaries referred to as “Mime Petroleum” or “the Company”), a new production and development company focused on the Norwegian Continental Shelf (“NCS”), today announced that affiliates of Blue Water Energy have agreed to lead an initial investment of up to $300 million in the Company.
Mime Petroleum is primarily focused on driving value creation in existing fields and licences. The Company will acquire assets available on the NCS and pursue production optimization, developments and near field exploration opportunities. Blue Water Energy may commit additional funding pending availability of asset deals.
Mime Petroleum, headquartered in Oslo, was formed by Mr. Sverre Skogen (Executive Chairman) jointly with an experienced management and technical team that has a long track record of working together. Blue Water Energy will become its majority shareholder alongside the Mime Petroleum management team. The strategy is focused on acquisitions of participating interests in fields with potential upside and enhancing their long term value through infill drilling, development tie-backs and near field exploration to enhance asset lifetimes.
The Mime Petroleum management team has a long track record of M&A, technical, commercial and financial success on the NCS. Mr. Sverre Skogen as Executive / Non-Executive Chairman of Det norske oljeselskap (now Aker BP), and currently Mr. Lars Øyno and Mr. Rune Taule who have held various management roles in several licenses on the NCS, will be joined by further executives in the near term.
Sverre Skogen, Executive Chairman: “With the professional Mime team and Blue Water Energy as lead investor, this venture has all the elements needed to build a new and significant independent on the NCS. I am very excited about the opportunity to create a new generation E&P company set to further enhance the production and development of our petroleum resources”
Graeme Sword, BWE Founding Partner, said, “For a while BWE has believed there is an opportunity to build a leading Norwegian production and development company. We are excited by the impressive progress Siccar Point Energy and Wellesley Petroleum have made and so are looking to repeat that. We are very pleased to be working with Sverre and his team and have big ambitions to build a company that can contribute to the NCS”
ABOUT MIME PETROLEUM
Mime Petroleum is a new exploration, development and production company focused on the Norwegian Continental Shelf. The Company’s vision is to build a leading NCS independent E&P company, through building a material portfolio of producing and commercial reserves and driving post-acquisition investment activity. The Company is led by Executive Chairman Sverre Skogen and has its headquarters in Oslo, Norway.
ABOUT BLUE WATER ENERGY
Founded in 2011, Blue Water Energy is a leading global middle market energy specialist private equity firm based in London. The firm primarily targets investments in the reserves, upstream and midstream / downstream sectors, while partnering with best-in-class management teams and utilising a network of seasoned investment and operating professionals. Since raising its two funds, (BWE Fund I & BWE Fund II), a global portfolio of 14 companies spread across the three sectors is now managed by the investment team at BWE.
For more information about Blue Water Energy, please visit www.bluewaterenergy.com