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Friday, May 29, 2020

RockRose buys Marathon assets

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Independent oil and gas operator RockRose, has completed the acquisition of 100% of Marathon Oil U.K. LLC (MOUK) and 100% of Marathon Oil West of Shetland Limited (MOWOS) from subsidiaries of Marathon Oil Corporation.

The $95 million payable by RockRose to Marathon Oil in connection with the Acquisition was funded through existing resources and facilities.

MOUK holds interests of 26.0% in licence P313 and 40.0% in licences P340 and P108, which together comprise the Greater Brae Area.

MOWOS holds a 28.0% interest in the BP-operated Foinaven field as well as interests in the Foinaven East, T25, and T35 satellite accumulations. The Acquisition also includes interests in the SAGE, Brae-Forties and WOSPS infrastructure, which provide additional tariff income.

This Acquisition has added circa 28.4 million boe of 2P reserves, increasing the Company’s total 2P reserves to 62.9 million boe (as at 31 March 2019, as assessed by ERC Equipoise) and 2P reserves plus 2C contingent resources of 87.6 million boe (the 2C being an internal RockRose estimate). Production for the assets being acquired is circa 11,000 boepd in 2019 to date, taking RockRose’s total net production for 2019 to date to circa 22,000 boepd on a pro forma basis.

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.

“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. We remain focused on growing the value of RockRose, not only through the ongoing development of the enlarged portfolio, but also through value accretive acquisition opportunities in the future.”

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