Neptune and Spirit patch up differences with deal for Pegasus discovery

Neptune and Spirit patch up differences with deal for Pegasus discovery

Oil and gas firms Neptune Energy and Spirit Energy have patched up their differences over the Pegasus West discovery in the southern North Sea.

Private-equity backed Neptune has bought 38.75% of Pegasus West and surrounding acreage from Spirit, which is majority owned by Centrica.

The deal means Neptune and Spirit will have the same equity split on Pegasus as they do on the nearby Cygnus gas facility – 38.75% and 61.25%, respectively.