MOL Acquires 6 Offshore Licences from Premier Oil UK

Hungary-based MOL signed a Sale and Purchase Agreement with Premier Oil UK for 6 offshore licences, adding that its 2P reserves increased by 14.3 MMboe from three producing fields.

‘The portfolio includes non-operated equity stakes in the Scott (21.84% unitised Working Interest [“WI”]), Rochelle (15% unitised WI) and Telford (1.59% unitised WI) fields, as well as participating interest in further exploration licences such as the Rochelle Upper Jurassic deep prospect,’ reads a note released on Monday.  

According to Premier Oil UK, it sold its non-operated interests for a cash consideration of $130 million.  

“Building on our already existing assets in the UK North Sea, this acquisition represents a significant step forward in growing a solid sizable North Sea portfolio. I am certain that these assets are of considerable quality and will bring further positive results. The synergies gained with this transaction will complement MOL‘s ambitions, and help realize the company’s vision of considerable growth of its international portfolio,” Alexander Dodds, MOL Group Executive Vice President for Upstream, commented.

The Group recently expressed its intention to find new business opportunities in Russia.