Deal Insight

JX Nippon sells UK portfolio to NEO Energy for US$1.7 bn

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JX Nippon has sold its UK upstream business to HitecVision-backed NEO Energy for US$1.655 billion. Our valuation is above this price. This valuation discount is broadly in line with UK deal pricing this year, which has been relatively weak. Almost all our valuation is associated with the producing Culzean and Mariner fields. Despite the discount to our valuation, this is a fair exit price for JX Nippon. There are few companies in the UK who have the appetite - or firepower - to acquire a portfolio of this size. In NEO, it has found a credible buyer that has demonstrated the ability to transact and follow through on deals of scale.

Table of contents

Tables and charts

This report includes 7 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    JX Nippon sells UK portfolio to NEO Energy for US$1.7 bn

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