Independent oil and gas producer RockRose Energy has signed a share purchase agreement (SPA) to acquire 100% of Marathon Oil Corporation’s UK and West of Shetland subsidiaries, for around US$140 million.
The UK business holds 37%-40% operated interests in fields in the Greater Brae Area, while West of Shetland holds a 28% interest in the BP-operated Foinaven Field unit and a 47% interest in Foinaven East. The acquisition also includes interests in the SAGE, Brae-Forties and WASPS infrastructure.
Upon completion, the deal is anticipated to add around 35 million boe of 2P reserves to RockRose’s resource base. Read more…