STAINES, UK – Fairfield Energy has agreed terms for new injection of equity from funds sponsored by Riverstone Holdings LLC.
Initially, Riverstone will make a $150-million equity commitment with the option of subscribing a further $200 million.
Since Fairfield was established in late 2005, the company has amassed an inventory of exploration and appraisal, development, and production assets in the UK northern North Sea and Southern Gas basin.
The company began by acquiring and refurbishing the Dunlin fields and platform from Shell Expro, and now has interests in the Darwin, Clipper South, and Crawford/Porter fields.
Partner TAQA plans to drill three exploration and appraisal wells on Darwin. Operator EnQuest is preparing a development plan for Crawford and Porter. First gas from the RWE Dea-operated Clipper South development is expected this summer.