RockRose Completes Marathon Deal
Independent oil and gas company RockRose Energy plc has completed the acquisition of 100 percent of Marathon Oil U.K. LLC (MOUK) and Marathon Oil West of Shetland Limited (MOWOS) from subsidiaries of Marathon Oil Corporation.
Following completion of the deal, MOUK and MOWOS assets and teams in Aberdeen, Peterhead and offshore have transferred to RockRose. The acquisition has added around 28.4 million barrels of oil equivalent of 2P reserves to the company, RockRose revealed.
Commenting on the deal, 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,” he added.
"I would like to welcome the Marathon Oil UK employees to RockRose. The team has an excellent track record and we look forward to continuing safe operations of the acquired assets,” Austin continued.
The transaction represents a complete UK exit for Marathon Oil Corporation. RockRose signed an agreement to acquire the companies from subsidiaries of Marathon Oil Corporation earlier this year.
RockRose, which was established in 2015, focuses on onshore and offshore production opportunities and infrastructure projects, according to its website. Marathon Oil Corporation, which traces its roots back to 1887, became an independent exploration and production company in 2011.
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