This is Siccar Point’s first acquisition since launching in 2014, and the first big move into the UK North Sea upstream by a private equity-backed player. The Statoil-operated Mariner heavy oil field is one of the largest projects currently under development in the UK – we estimate commercial reserves of 347 mmbbl. Crude and reservoir properties are challenging, and it has already been delayed by 12 months. No consideration was disclosed. We value the deal on an NPV10 basis, but Siccar Point most likely require a higher return - achieving this (by paying less) should have been possible in a weak market for UK pre-production assets.