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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  SSE plc    SSE   GB0007908733

SSE PLC

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SSE : launches sale of North Sea gas fields in single package - sale document

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08/30/2019 | 12:17pm EDT
FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry

LONDON (Reuters) - British energy provider SSE has kicked off the process to sell its 140 million cubic feet per day portfolio of North Sea gas fields in a single package, a sale document seen by Reuters showed.

SSE said in May it was looking to sell its gas production assets. A banking source estimated the value of the portfolio at around $1 billion.

The package includes a 20% stake in the Total Greater Laggan Area in the West of Shetlands, including the Shetland Gas Plant, and the Bacton Catchment Area in the Southern North Sea, the document sent to potential buyers showed.

It includes around 30 million barrels of oil equivalent (boe) in reserves and the potential for further reserves growth in the Glendronach prospect in the Greater Laggan Area.

Total estimates it has found around 1 trillion cubic feet of recoverable resources in the area.

The document lists Bank of America Merrill Lynch as advisor on the sale.

"SSE has stated that gas production is a non-core activity that is ultimately inconsistent with its focus on decarbonisation, and it is taking active steps to dispose of investments in this activity," SSE said.

"However, SSE will only complete a sale of its equity interests when it is in the interests of shareholders and other stakeholders to do so."

(Reporting by Shadia Nasralla; Additional reporting by Clara Denina; Editing by Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
SSE PLC 0.00% 1236 Delayed Quote.14.29%
TOTAL 2.73% 49.48 Real-time Quote.7.15%
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Financials (GBP)
Sales 2020 29 978 M
EBIT 2020 1 437 M
Net income 2020 828 M
Debt 2020 9 857 M
Yield 2020 6,47%
P/E ratio 2020 14,8x
P/E ratio 2021 12,5x
EV / Sales2020 0,75x
EV / Sales2021 0,73x
Capitalization 12 588 M
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Average target price 1 243,33  GBp
Last Close Price 1 236,00  GBp
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