Lochard Energy to Be Sold

UK-focused Lochard Energy has announced that it is putting itself up for sale following the company's full year results released today.

In a statement, Lochard said that the decision was taken following discussion on a farm-out process of two of its assets, the Thunderball dry gas discovery and the Moby oil and gas discovery, both in the UK North Sea. Though the farm-out process was begun, Lochard decided that there would be a higher level of interest if it offered the entire company for sale instead of merely farming out those discoveries.

The company said its statement today that it "has decided that a sale or merger of the company may be appropriate at this time and has unanimously decided to initiate a formal sale process for the entire issued and to be issued share capital of the company."

Lochard will conduct the sale through its formal adviser CIBC with finnCap Limited acting as the nominated adviser and broker for any potential offer that may arise from the sale process. 

Lochard Energy holds a 90 per cent stake in the Thunderball discovery and a 50 per cent stake in the Moby discovery through its 100 per cent owned subsidiary Zeus Petroleum. The company also holds a 10 per cent stake in the massive UK North Sea Athena oil field as well as stakes in eight other UK North Sea assets.