A few of the North Sea’s largest impartial oil producers are investigating bids for the upstream operations of Prax Group, the vitality conglomerate whose collapse induced the closure of one of many few remaining oil refineries within the UK.
Dailyview Information has discovered that Enquest and Serica Power are in dialogue with managers dealing with bankruptcies for a few of the group, relating to submitting presents for the exploration and manufacturing division previous to the deadline Thursday night.
One other impartial participant, Ithaca Power, additionally mentioned the supply, however sources near the corporate stated they determined to not lodge one.
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Prax’s E&P arms are primarily made up of belongings acquired in 2023 when it plunged in the hunt for hurricane vitality in a £250 million deal.
Though upstream belongings will not be in itself a chapter continuing, the cash generated from their gross sales is used to repay collectors of the broader group.
The bid deadline comes the identical week that official recipients stated Prax Lindsey Refinery in Lincolnshire will probably be closed after a purchaser was not discovered.
Lots of of jobs are misplaced on account of the closure.
Moreover, the gross sales course of for the downstream gasoline forcourt enterprise is pending.
Teneo spokesman, Prax Group’s State Oil administrator and different belongings supervisor, “The continued administration and operation of Prax E&P and its subsidiaries is an issue for the administrators of these firms.”
Enquest, Ithaca and Serica all declined to remark.
