Neptune Energy has acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage (P1724, P1727, P4257 and P2128) in the UK Southern North Sea.
Pegasus West was discovered in 2014 and is currently operated by Spirit Energy.
Entry by Neptune into the Pegasus West Area aligns interests in both the discovery and the Neptune-operated Cygnus gas facility (Neptune Energy 38.75% and operator, Spirit Energy 61.25%) enabling acceleration of the development of Pegasus West as a subsea tieback to the existing Cygnus field.
Neptune will work closely with Spirit Energy on front end engineering and design (FEED) studies in 2021 with the intention to reach a final investment decision by year end. Once sanctioned, Neptune would become operator of the development through to first gas and into production.