MOL Boosts North Sea Portfolio through Acquisition of 6 Licenses

Hungary's MOL Group reported Monday that it has extended its upstream portfolio in the central North Sea through the purchase of six licenses from UK independent Premier Oil for $130 million.

MOL said the assets acquired through the licenses include a balanced mix of existing and new production as well as both operated and non-operated exploration opportunities in the Scott-Telford and Rochelle Area. The firm has acquired 21.84-percent, 15-percent and 1.59-percent interests in the Stott, Rochelle and Telford fields respectively, as well as a participating interest in further exploration licenses such as the Rochelle Upper Jurassic deep project.

MOL said the acquisitions are estimated to increase its proved and probable reserves by 14.3 million barrels of oil equivalent. The new assets are expected to increase MOL's overall UK peak production to between 20 and 22 million barrels of oil equivalent per day by 2018.

MOL's head of its upstream business, Alexander Dodds, commented in a company statement:

"This transaction extends the presence of MOL Group on the global map of offshore [exploration and production] and provides several additional strategic rationales. 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."

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