MOL completes latest acquisition

December 22, 2014

Hungarian integrated oil and gas firm MOL Group has completed an acquisition of North Sea assets from London-listed Premier Oil. 

MOL acquired non-operated interests in the Nexen-operated Scott (21.84%), Telford (1.59%) and Rochelle (15%) fields, as well as participating interests in further exploration licenses, for US$130 million cash. 

The further exploration licenses include the Rochelle Upper Jurassic deep prospect. In June, when the acquisition was announced, year to date production on Scott, Telford and Rochelle was 3700/boe/d net to Premier. Peak production is expected to reach 6200boe/d by 2016. 

Scott, Telford and Rochelle are tied back to the Scott platform, 186km northeast of Aberdeen. Oil is exported through the Forties pipeline, with natural gas exported through the Sage pipeline. 

MOL Group entered the North Sea at the end of last year in a $375 million deal with Wintershall to acquire assets in 14 offshore licences, including stakes in the Premier Oil operated Catcher development (20%) and Cladhan developments (33.5%), the Broom field (29%) and the Scolty/Crathes development (50%). Wintershall's equity share in existing infrastructure on the Sullom Voe Terminal and Brent Pipeline System were also part of the deal. 

Premier also completed the sale of a 30% stake in production license 359, which contains the Luno II discovery, offshore Norway, to Lundin for $17.5 million plus working capital adjustments. 

Read more: 

MOL eyes North Sea expansion



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