Bayerngas UK Ltd to Purchase Share of the Babbage Gas Field

  Bayerngas UK Ltd to Purchase Share of the Babbage Gas Field

Business Wire

OSLO, Norway -- September 9, 2013

Bayerngas UK Ltd today announced it has agreed to purchase from Centrica
Resources Ltd their 13% interest in UKCS License P456 containing the Babbage
Gas Field. The Field is located in UKCS Block 42/2a in the Southern North Sea
and came on-stream in 2010. Current production is from three wells. A second
phase of drilling is nearing completion with two more wells expected to
increase production before the end of 2013. The effective date of the
transaction, which remains subject to regulatory consent, is 1st January 2013.
Subject to completion of the transaction, the partners in the license will be
E.ON 47% (Operator); Dana Petroleum 40% and Bayerngas 13%. The purchase price
has not been disclosed.

Speaking for Bayerngas UK Ltd, Managing Director Gerry Harrison said: “We are
delighted to reach agreement with Centrica to purchase this asset. Although
relatively small, it complements our existing UK production at Clipper South
and our major development project, Cygnus. It also allows us to join strong
and experienced partners to evaluate further potential in the license.
Together with our existing exploration portfolio, which we will start to test
with our first exploration well early next year, we are building a solid UK
business.”

About Bayerngas UK Ltd

Bayerngas UK Ltd is a wholly-owned subsidiary of the Bayerngas Norge AS Group.
Bayerngas has upstream operations in Norway, Denmark and the UK. These include
interests in 5 producing oil and gas fields, 3 fields under development and 61
exploration and production licenses. The group has 90 employees with offices
near Oslo, London and Copenhagen. Bayerngas Norge Group was formed in 2006 and
is owned by European utility companies in Austria, Germany and Switzerland.
For more information, see www.bayerngasnorge.com

Contact:

Bayerngas UK
Gerry Harrison
Phone +44 1959 567450
Email ukinfo@bayerngas.com