The most recent UK North Sea transaction included SNS gas assets...

The most recent UK North Sea transaction included SNS gas assets with the sale of Scottish & Southern Electricity’s (SSE) UK North Sea business to Viaro Energy (who also brought RockRose Energy earlier this year) for US$161 million – SSE are exiting the upstream business completely to focus on renewables. The former management team of RockRose have recent listed a new energy investment company on AIM called Kistos Plc raising £30+ million with a focus on gas and a stated acquisition strategy in the UK SNS which bodes well for Ansila/Harthead.

If the above exit multiple is applied to Ansila’s Phase I assets alone (217 Bcf 2C contingent resources) that gives a broad exit value range of US$150 million to US$225 million.