AU Energy BV, a subsidiary of Mercuria Energy Group Ltd., has agreed to acquire Dutch operated and nonoperated L12/L15 block interests and nonoperated Q4 and Q5 block interests from Tullow Exploration & Production BV, a subsidiary of Tullow Oil PLC, for $81.1 million.
The transaction involves the acquisition of Tullow Netherlands BV, which, at the time of completion, will hold all Tullow Oil L12/L15 and Q4 and Q5 interests, encompassing seven license interests and six developed fields producing 1,500 boe/d net to Tullow.
The transaction is effective Jan. 1 and completion is expected in early 2015, conditional upon ministerial consent of the intragroup transfer of the L12/L15 and Q block nonoperated license interests to Tullow Netherlands BV, Tullow says.
“The sale of the Tullow’s interests in Blocks L and Q is a further step towards the group’s planned divestment of our North Sea gas assets in order to focus our business on conventional light oil,” said Aidan Heavey, Tullow chief executive officer.
Heavey added that the company’s sale of part of its UK Schooner and Ketch interests to Faroe Petroleum Ltd., reported in April, is on track to complete before yearend (OGJ Online, Apr. 30, 2014).