News

9 June 2021 – Press Release

Appointment of General Counsel and Commercial Director

Paul Tanner Joins Waldorf

Waldorf Production UK Limited (“Waldorf” or the “Company”) is pleased to announce the appointment of Paul Tanner as General Counsel and Commercial Director based in the Aberdeen office headquarters.

Paul previously held the position of General Counsel and Company Secretary at Spirit Energy Limited, where he was responsible for providing legal, corporate governance and compliance support to the company’s exploration and production business in the UK, Denmark, Netherlands and Norway.

With over twenty years of experience as an international energy lawyer, Paul has worked at both top tier law firms and listed multinational companies. This includes senior legal roles with Shell and Centrica and postings in The Hague, Dubai and Aberdeen. He has a proven track record of working closely with boards and executive management teams to deliver substantial M&A deals, execute major capital projects and resolve high value disputes.

Paul began his career as a barrister in London before joining the global law firm CMS where he worked in a team supporting clients doing business in the Former Soviet Union. He is a past Chair of the Oil and Gas UK Operators Legal Committee, a qualified solicitor and holds a degree in Modern History from Oxford University.

Erik Brodahl, Chief Executive of Waldorf said:

“We are very pleased to welcome Paul to the team. He is a seasoned legal and commercial professional who brings a wealth of experience and expertise to this important new role. His appointment will strengthen our organisation in several crucial areas such as M&A, joint venture management and corporate governance.

Waldorf sees the North Sea as uniquely suited for disciplined small-cap E&P companies such as ourselves with well-managed, long-life assets available at attractive valuations. We are excited to be acquiring Cairn’s interests in the high-quality Catcher and Kraken producing fields. We continue to look for other growth opportunities in the near-term.”


9 March 2021 – Press Release

Acquisition of non-operated interests in Catcher and Kraken from Cairn Energy plc; plus farm-in to blocks 22/1B and 22/1A from Ithaca Energy Ltd

Waldorf Production Limited (“Waldorf” or the “Company”) is pleased to announce that it has entered into a PUT and CALL Agreement with Cairn Energy plc for the acquisition of Cairn’s non-operated 29.5 per cent interest in Kraken and 20 per cent interest in the Greater Catcher Area licenses. The transaction has an economic effective date of 1 January 2020, with completion currently expected by late-2Q 2021.

Elsewhere, Waldorf has, subject to contract and board approval, agreed to acquire a 20% interest in Block 22/1b and a 15% interest in Block 22/1a from Ithaca Oil and Gas Limited. The former license contains the exciting Fotla prospect, where an exploration well is expected to be drilled in 2Q 2021.

Erik Brodahl, Chief Executive Officer of Waldorf Production said:

“We are excited to acquire Cairn’s interests in the high-quality Catcher and Kraken producing fields. This is a transformational transaction for the company, with average production from the combined company growing to c.22,000 – 25,000 boe per day and 2P reserves of 43 million boe.

We also continue our close partnership with Ithaca with the announced farm-in to the Fotla exploration well. If successful, the discovery can potentially be swiftly tied-back to the Alba oil field.

Waldorf sees the North Sea as uniquely suited for disciplined small-cap E&P companies such as ourselves with well-managed, long-life assets available at attractive valuations. We continue to look for further growth opportunities in the near-term.”

This announcement may contain certain forward-looking statements and information that both represents management’s current expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements and forecasts.