MOL buys interests offshore UK from Wintershall

MOL Group, Budapest, has moved into UK North Sea exploration and production with a $375 million acquisition of interests in 14 licenses from Wintershall, Kassell, Germany.

MOL Group, Budapest, has moved into UK North Sea exploration and production with a $375 million acquisition of interests in 14 licenses from Wintershall, Kassell, Germany.

Interests in the transaction, which is expected to close in first-quarter 2014 and remains subject to value adjustments, are:

• 29% of P242 and P902, including Broom oil field operated by EnQuest.

• 50% of P1967, an exploration area around Broom field, operated by Enquest.

• 33.5% of P1064, including the Cladhan oil discovery, operated by TAQA.

• 25% in P1680, an exploration area called Cladhan South, operated by TAQA.

• 20% in P1430, including the Catcher oil discovery, operated by Premier Oil.

• 20% in P2086 and P2040, an exploration area near Catcher, operated by Premier Oil.

• 50% in P1107 and P1617, including the Scolty and Crathes oil discoveries, operated by EnQuest.

• 50% in P2084, an exploration area near Scolty/Crathes, operated by EnQuest.

• 57% in P1972, an exploration area, operated by Wintershall.

• 75% in P1619, an exploration area called Blakeney, operated by Wintershall.

• 17% in P1633, including a prospect called Lucius, operated by MPX.

The deal also covers Wintershall’s equity interests in the Sullom Voe Terminal and Brent Pipeline System.

MOL and Wintershall also signed an agreement to jointly pursue exploration opportunities in the North Sea and Middle East.

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