SUCCESSFUL ISSUANCE OF A NOK 300 MILLION SENIOR UNSECURED BOND

On Friday 7 February, Mime Petroleum successfully completed the issuance of a NOK 300 million senior unsecured bond with maturity in February 2025.

The bond issue will enable Mime Petroleum to optimise the company’s capital structure and strengthen its liquidity position ahead of the Balder Future project in the North Sea.

The Balder Future project includes refurbishment of the Jotun FPSO, new subsea production systems and 14 new wells with a total investment of NOK 19.6 billion.

The redevelopment will unlock an additional 136 million boe and production is planned to commence in the autumn of 2022. The field is expected to produce up to 2045.

Mime Petroleum submitted the PDO for the Balder Future project together with the operator Vår Energi in December 2019.

Photo by Vår Energi AS

PDO SUBMITTED TO THE MPE FOR BALDER FUTURE

Lysaker, 17.12.2019: This morning, Mime Petroleum AS together with the operator Vår Energi AS submitted the PDO for the Balder Future project to the Norwegian Minister for Petroleum and Energy.

The Balder Future project includes refurbishment of the Jotun FPSO, new subsea production systems, 14 new wells, and has a total estimate of 19.6 Bill. NOK. Production is planned to start in the autumn of 2022 and some additional 136 Mill. BOE is expected to be produced in the period up to 2045.

Mime entered into an agreement with Vår Energi AS to become a partner in six licenses covering the Balder/Ringhorne fields on March 29th 2019. The agreement was completed on August 1st 2019 and provides Mime with a 10 percent ownership interest in the Balder/Ringhorne fields, and a 7.4 percent ownership interest in the Ringhorne East field. This is Mime’s first acquisition since its prequalification as a licensee on the NCS in June 2018.

The Balder Future project is a perfect match with Mime’s strategy and our focus on enhancing production from producing fields and development of petroleum reserves and resources within and adjacent to our producing fields. The Balder/Ringhorne licenses contain the three essential elements: ongoing production, a large development program, and further exploration opportunities.

Sverre Skogen, executive chairman of Mime, said: “We share Vår Energi’s ambitious plans to develop and maximise the Balder/Ringhorne area and we are committed to support and cooperate with the operator to ensure safe and efficient operations.”

“Realisation of the Balder Future project and PDO proves that a new and ambitious operator together with a committed partner can prolong and redevelop a field thought to be heading towards abandonment.”

“The Balder/Ringhorne assets are among the largest and highest quality fields in Norway and we believe the new partnership will more than double its recoverable reserves.”

MIME PETROLEUM’S FIRST ACQUISITION IN NORWAY IS APPROVED AND COMPLETED

Mime Petroleum, the Oslo-based independent E&P company, has received approval from Norwegian Authorities for and completed the acquisition of ownership interests in the significant Balder and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS). 

Mime entered into an agreement with Vår Energi AS (Vår Energi) to become a partner in six licences west of Stavanger on March 29th 2019. The agreement provides Mime with a 10 percent ownership interest in the Balder field, and a 7.4 percent ownership interest in the Ringhorne East field. 

The acquisition is Mime’s first since its prequalification as a licensee on the NCS in June 2018. 

Sverre Skogen, Executive Chairman of Mime, said: “We share Vår Energi’s ambitious plans to develop and maximise the Balder/Ringhorne area and we are committed to support and cooperate with the operator to ensure safe and efficient operations. 

“Vår Energi is an excellent partner and the licences involved are very attractive to us, as they contain the three important elements: ongoing production, a large development program and further appraisal/exploration opportunities. 

“Our ambition is to become a leading independent E&P company in Norway. 

“Our focus is on enhancing the production and development of petroleum resources on the NCS, and our team has the knowledge and skills to pursue a full range of optimisation and appraisal opportunities. 

“One of the licences we have acquired ownership in is PL 001, the first licence granted in Norway, and the beginning of this auspicious industry for our country. We take this as an omen for success.” 

Mime has acquired 10 percent ownership interests in PL 001, PL 027, PL 027C, PL 028, PL 028S and PL 027GS, while Vår Energi continues to operate the licences with 90 percent ownership interests. 

The partners plan to redevelop the Balder and Ringhorne fields through the Balder X project. The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields. A revised Plan for development and operation (PDO) is planned to be submitted in the fourth quarter 2019. Other ongoing projects comprise a drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO. 

The agreement between Vår Energi and Mime is subject to confidentiality obligations.

MIME PETROLEUM ANNOUNCES ITS FIRST ACQUISITION IN NORWAY FROM VÅR ENERGI AS

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime Petroleum, the Oslo-based independent E&P company, announces the acquisition of ownership interests in the Balder/Ringhorne and Ringhorne Øst fields on the Norwegian Continental Shelf (NCS).

Mime has signed an agreement with Vår Energi AS (Vår Energi) to become a partner in six licences west of Stavanger. The agreement provides Mime with a 10 percent ownership interest in the Balder and Ringhorne fields and a 7.4 percent ownership interest in the Ringhorne Øst Unit.

The acquisition is Mime’s first since its prequalification as a licensee on the NCS in June 2018.

Sverre Skogen, Executive Chairman of Mime, said: “We share Vår Energi’s ambitious plans to develop and maximise the Balder/Ringhorne area and we are committed to support and cooperate with the operator to ensure safe and efficient operations. 

“Vår Energi is an excellent partner and the licences involved are very attractive to us, as they contain three important elements: ongoing production, a large development programme and further exploration opportunities.

“Our ambition is to become a leading independent E&P company in Norway, with a focus on enhancing the production and development of petroleum resources on the NCS.  Our team has the knowledge and skills to pursue a full range of optimisation opportunities.”

Mime will receive 10 percent ownership interests in PL 001, PL 027, PL 027C, PL 028, PL 028S and PL 027GS, while Vår Energi continues to operate the licences with 90 percent ownership interests.

The partners plan to redevelop the Balder and Ringhorne fields through the Balder X project. The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields. Other projects comprise an upcoming drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO towards 2030. A revised plan for development and operation (PDO) is planned to be submitted in fourth quarter 2019.

The agreement between Vår Energi and Mime is subject to confidentiality obligations and closing is dependent on customary government approvals. The completion of the transaction will take place later in 2019.

Media contact: Sarah McDaid (sarah@mcdaidpr.co.uk / 00447866789688)

Notes to editors

About Mime Petroleum AS

Mime Petroleum is focused on hydrocarbon development and production on the Norwegian continental shelf. The company consists of highly experienced oil and gas industry staff and as of June 21, 2018 is prequalified as a licensee on the Norwegian Continental Shelf. Mime’s vision is to build a leading E&P business that is recognized for its ability to use knowledge to create value. The execution of our strategy will be underpinned by our four Core Values: Teamwork, Knowledge, Integrity and Ownership. The Company is led by Executive Chairman Sverre Skogen and has its headquarters in Oslo, Norway.

More information available on www.mime-petroleum.com

MIME PETROLEUM AND BLUE WATER ENERGY JOIN FORCES WITH BLACKSTONE ENERGY PARTNERS

January 25, 2018 – Mime Petroleum AS (together with its subsidiaries referred to as “Mime Petroleum” or “the Company”), a new independent development and production company established earlier this year by Blue Water Energy LLP (“BWE” or “Blue Water Energy”) and Sverre Skogen (Chairman and CEO), announced today that they have partnered with Blackstone Energy Partners (“Blackstone”). BWE and Blackstone have agreed to lead an initial investment of up to $1 billion in Mime Petroleum.

Mime Petroleum is primarily focused on driving value creation in existing fields and licences on the Norwegian Continental Shelf (“NCS”). The Company will acquire assets available on the NCS and pursue production optimization, developments and near-field exploration opportunities. The Mime Petroleum management team has a long track record of M&A, technical, commercial and financial success on the NCS. Mr. Sverre Skogen was Executive / Non-Executive Chairman of Det norske oljeselskap (now Aker BP). The core management team is comprised of five executives who previously worked together building DEA Norge’s upstream business, along with Harald Grøsfjeld who joined as CFO with over 29 years’ experience in the oil industry. Mustafa M. Siddiqui, Senior Managing Director at Blackstone, and Kjell-Erik Østdahl, Senior Advisor at Blackstone and former Executive Vice President for Operations at Schlumberger, will join the board of Mime Petroleum.

Sverre Skogen, Chairman and CEO of Mime Petroleum, commented on the announcement: “Whilst Blue Water Energy has provided strong strategic and financial support to date, this is now significantly enhanced in combination with Blackstone. Mustafa Siddiqui and his team are a welcome addition and I am looking forward to working with both parties on delivering the vision we have for Mime Petroleum. There are a lot of high-quality opportunities on the NCS, and, with two of the foremost energy investors behind us, we are well positioned to take advantage of these.”

Mustafa M. Siddiqui, Senior Managing Director at Blackstone, added: “We are delighted to be backing Sverre Skogen and the Mime Petroleum team. With $15 billion of capital invested in the energy sector, we continue our track record of supporting top management teams with the growth capital and resources to build energy industry champions. We and BWE have enjoyed a successful partnership in the UK and we look forward to replicating that success in Norway.”

Graeme Sword, Partner of Blue Water Energy, said: “We are happy to partner with Blackstone again on building another leading E&P business. We want to provide our portfolio companies with the optimal shareholder base and we believe Blackstone is an aligned partner that shares our ambitions for Mime.”


About Mime Petroleum
Mime Petroleum is a newly formed development and production company on the Norwegian Continental Shelf. Mime Petroleum has a team of highly experienced oil and gas industry staff with deep experience across most fields on the Norwegian Continental Shelf. Using these resources, Mime Petroleum is developing a material and sustainable development and production business on the NCS by the following means:

Investing in commercially attractive development projects and fields in production;
Increasing the recovery of fields supporting infill drilling programs and IOR initiatives;
Prolong lifetime and EUR of fields through maturation of near-field prospects; and
Building capacity and ensuring financial flexibility for further growth on NCS.
Mime Petroleum’s vision is to build a leading E&P business that is recognized for its ability to use knowledge to create value. The execution of our strategy will be underpinned by our four core values: Teamwork, Knowledge, Integrity and Ownership. 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 Exploration & Production, Upstream Equipment & Services and Mid/Downstream Equipment & Services sectors. Blue Water Energy partners with best-in-class management teams and utilises a network of seasoned investment and operating professionals to drive value creation across its portfolio companies. Since raisings its initial two funds (BWE Fund I and BWE Fund II), Blue Water Energy has $3.0bn under management across a global portfolio of 14 companies. For more information about Blue Water Energy, please visit www.bluewaterenergy.com 

About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on our industry expertise and partnerships with exceptional management teams. Blackstone has invested more than $15 billion of equity globally across a broad range of sectors within the energy industry.

Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $385 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com Follow Blackstone on Twitter @Blackstone.

Media Contacts:

Blackstone
Andrew Dowler/Rebecca Flower
+44 (0) 207 451 4005
+44 (0) 7918 360 372
Rebecca.Flower@Blackstone.com 

Blue Water Energy
Frazer Blyth
+44 (0) 207 2905090
+44 (0) 7793 041618
fblyth@bwenergy.com 

Mime Petroleum

Mime Petroleum AS announces $300 million investment led by Blue Water Energy to fund production and development on the Norwegian Continental Shelf.

Oslo, 22nd May 2017 – Mime Petroleum AS, 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 was Executive / Non-Executive Chairman of Det norske oljeselskap (now Aker BP). The core management team is comprised of five executives who have all previously worked together building DEA Norge’s upstream business. Mr. Lars Øyno, Mr. Rune Taule, Dr. Erik Wulff-Pedersen, Mr. Terje Sirevaag and Mr. Lars Stoltenberg.

Sverre Skogen, Executive Chairman: “With the professional Mime team and Bluewater 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”

Contacts – for all enquiries please contact:

Frazer Blyth:

T: +44 (0) 207 2905090
M: +44 (0) 7793 041618
E: fblyth@bwenergy.com