UPDATE 1-SSE secures nearly 80 pct of Hess North Sea assets

* Nearly 80 pct available after partners excercise rights

* Will pay $324 mln, in line with terms agreed in April

(Adds details)

LONDON, June 4 (BestGrowthStock) – Scottish & Southern Energy
(SSE.L: ) said it would buy almost 80 percent of the North Sea gas
and infrastructure assets of Hess (HES.N: ) for $324 million,
after the U.S. company’s partners exercised their rights.
The utility, which in April agreed an outline deal with
Hess, said it had expected the partners to take some of the
original 383 billion cubic feet of gas and liquid resources
available.

The remaining gas would provide about 6 percent of the
amount the company needed to supply its customers and fuel power
stations, it said.

SSE’s energy supply director Alistair Phillips-Davies said
he was very pleased with the assets the group could go ahead and
acquire.

“For a fair price, we will secure a new source of primary
fuel and a hedge for our gas generation and supply activities,
taking a very useful first step into the upstream gas sector,”
he said in a statement on Friday.

Stock Research

(Reporting by Paul Sandle; editing by Rhys Jones)

UPDATE 1-SSE secures nearly 80 pct of Hess North Sea assets