A new company has agreed to debut in the UK North Sea’s upstream oil and gas sector through the acquisition of Hurricane Energy, and the new entrant is promising more acquisitions are to come.

Prax Exploration & Production has agreed with Hurricane on the terms of an all-cash acquisition that will see Prax become the 100% owner and operator of the producing Lancaster oilfield in the UK’s offshore West of Shetland area.

It is Hurricane’s sole producing asset. As at 31 December 2022, the field’s proven and probable reserves were certified by ERCE Equipoise at 6.6