| Enovation Resources Acquires Sussex Energy 11th May 2007 The transaction, effective with today's date, will see Enovation Resources acquiring 100% of the shares in Sussex Energy. The effect of this purchase will be the immediate acceleration of Enovation's activities in the North Sea, where the Sussex Energy team has considerable experience. In addition the Sussex Energy Team will contribute their experience and expertise to enhancing Enovation’s existing assets in the Gulf of Mexico, as well as the development of opportunities within Southeast Asia and West Africa. 'We are very excited about teaming up with Sussex,' said Enovation CEO Diz Mackewn. 'This acquisition closely matches Enovation's strategy of leveraging advanced geophysical technology expertise within the world's most attractive hydrocarbon basins. We are looking forward to growing the exploration and production business together and continuing to build value for our shareholders.' The Sussex name will continue to be used in the UK, where it is planned that any Enovation owned exploration and production licences or assets will be held in the name of Sussex Energy Limited. The Sussex Energy team comprises Richard Morgan, Nigel Platt and David Went, and brings over 70 years' of combined UK and international exploration and development experience. In their most recent previous roles, from 2003-2007 the team built a UK exploration / appraisal asset portfolio at VeritasDGC Limited before leaving to set up Sussex Energy earlier this year. |
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