Taqa Bratani announces first new North Sea oil well on stream

Notes and media contacts

Contact Details:

Taqa
Anne Blaydon, Taqa Bratani Limited

PR Manager
Tel: +44 1224 275565

Tanis Thacker, Taqa Abu Dhabi

Head of Investor Relations
Tel.: +971 2 661 4933

Tom Fraser, Capital MS&L
Tel: +44 207 307 5341

The North Cormorant platform, in Block 211/21a, is around 175km (109 miles) north-east of the Shetland Islands in the northern North Sea in around 530 feet of water.

In December 2008 Taqa Bratani purchased 100% interest and operatorship of the following fields:

Tern field;

Kestrel field;

Eider field;

North Cormorant field;

South Cormorant field;

Pelican field.

The company also purchased a combined 26.73% interest in the Dana operated Hudson field together with a 16% interest in the Brent System and a 24% interest in the Sullom Voe Terminal.

In August 2009 Taqa Bratani assumed operatorship of the North Sea Brent System on behalf of 21 partners.

In September 2009 Taqa Bratani was granted full operator status for its four producing platforms - North Cormorant, Cormorant Alpha, Tern and Eider.

With the addition of the new well production, Taqa Bratani currently produces around 50,200 barrels of oil equivalent a day from the UKCS and has a development program with a capital expenditure of £500m over the next three years.

Taqa Bratani employs directly and indirectly some 800 personnel in the UKCS and onshore.

Abu Dhabi National Energy Company PJSC (Taqa)

Founded in 2005, Taqa (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of almost $25bn. One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue of more than $4.4bn, Taqa is a flagship corporation for the Government of Abu Dhabi.

Taqa's strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

Taqa employs approximately 3,000 people from 41 different nations and operates from its offices in: Abu Dhabi, UAE; Ann Arbor, Michigan, USA; Aberdeen, Scotland; Amsterdam and The Hague, Netherlands and Calgary, Canada. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.

Taqa carries an Aa2 credit rating from Moody's.