Secretary of State decision on LetterOne North Sea gas fields acquisition
The Secretary of State has made a decision regards the petroleum licences for the Dea UK North Sea assets recently acquired by LetterOne.
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The Secretary of State Ed Davey has today (20 April) notified Dea UK and LetterOne that he proposes to revoke Dea UK’s North Sea petroleum licences unless LetterOne arranges for a further change of control of the Dea UK gas fields in the North Sea.
This decision was taken after a thorough review of all relevant information as well as obtaining cross-Government views.
Under the terms of the licenses held by Dea UK, Dea UK and LetterOne now have three months to effect a further change of control. However, the Secretary of State has offered to extend this period to six months and he awaits LetterOne’s response to this offer.