Independent oil and gas company RockRose Energy has completed the acquisition of Marathon Oil UK (MOUK) and Marathon Oil West of Shetland (MOWOS) from subsidiaries of Marathon Oil for $95m.
Following completion of the deal, MOUK and MOWOS assets and teams in Aberdeen, Peterhead and offshore have transferred to RockRose. The transaction represents a complete UK exit for Marathon Oil.
The acquisition has added around 28.4 million barrels of oil equivalent of 2P reserves to RockRose. The acquisition also includes stakes in the SAGE, Brae-Forties and WOSPS infrastructure.
MOUK owns 26% interest in licence P313 and 40% interest in licences P340 and P108, which together comprise the Greater Brae area. MOWOS holds a 28% interest in the Foinaven oil field, which is operated by BP, as well as interests in the Foinaven East, T25, and T35 satellite accumulations.
At the end of 2018, Marathon Oil carried 21.4 million oil equivalent barrels of proved reserves in the UK, with 2018 production averaging around 13,000 barrels of oil equivalent per day.
RockRose executive chairman Andrew Austin said: “I am delighted to confirm the completion of our Marathon acquisition. The quality of the assets and team materially strengthens Rockrose, with a significant uplift in our reserves and production and marks a significant step towards our strategic ambition of having operations of scale in the North Sea.”
“We remain focused on growing the value of RockRose, not only through the ongoing development of the enlarged portfolio, but also through valueaccretive acquisition opportunities in the future.”