Breagh Stream Field (UK North Sea, Gas & Condensate)

The Asset

  • One of the largest recent, natural gas discoveries in the UK
  • Approximately 424 bcf of 2P sales gas as at 31st December 2016
  • First production in Q4 2013 and a 2016 production averaged 71.3 MMscfd
  • Material development upside with further wells to be drilled, starting in mid 2017
  • Operated by Ineos with Oranje-Nassau Energie (“ONE”) holding the remaining 30% working interest

The Counterparty

  • In 2017, ONE acquired Sterling Resources UK Limited (a wholly owned subsidiary of Sterling Resources and formerly FlowStream’s counterparty) which holds the interest in Breagh
  • ONE, the largest privately owned Dutch E&P company, is now FlowStream’s stream counterparty

The Deal

  • FlowStream acquired an existing stream on Breagh from Gemini Oil & Gas Fund II, L.P. in August 2014
  • FlowStream is entitled to payments(1) calculated with reference to a portion of gas and condensate production revenue from Breagh

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