RE: Next deal4 Dec 2019 09:21
Spirit Energy if for sale and AA might get a bargain:
Spirit Energy has stakes in 13 producing fields on the UK continental shelf producing 130,000boepd, seven of which are operated, and is developing the half-owned Pegasus West project in the North Sea, where a final investment decision expected for next year.
Spirit is also involved in 60 offshore exploration licences and eight onshore permits.
Analysts said the exploration outcome at GWA means Centrica will have to re-price accordingly.
"If it had come in, the [sale] price would have been higher,” James Midgley, Energy Research Analyst at Mirabaud, told Proactive on the phone.
“Now that this well has not come in any possible upside will have to be knocked off the valuation."
“£800mln is pretty rich for that asset anyway,” he added