Hogan Lovells Advises MOL Group on $130M North Sea Acquisition
30 June 2014
30 June 2014 - Hogan Lovells has advised MOL Group on the acquisition of six UK North Sea licences from Premier Oil UK Limited for US$130 million, subject to adjustment, announced on 30 June 2014.
MOL Group has signed a Sale and Purchase Agreement to acquire interests in six Central North Sea offshore licences and related assets; including a balanced mix of existing and new production, as well as both operated and non-operated exploration opportunities in the Scott, Telford and Rochelle fields. The transaction is subject to certain third party and regulatory consents.
MOL Group, a leading integrated Central & East European oil and gas corporation, listed on both the Budapest Stock Exchange and the Warsaw Stock Exchange, boasts an extensive international upstream portfolio of oil and gas exploration activities in 12 countries and valuable producing assets in seven countries.
Hogan Lovells previously advised MOL Group on its participation in a joint US$2.25bn project to develop the North Sea Catcher oil field, in which MOL Group owns a 20% stake; and on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) Limited for a base consideration of US$375m, signed in December last year.
The Hogan Lovells team advising MOL Group was led by London corporate energy partner Steven Bryan and senior associate Tamsin Doran, assisted by energy and natural resources group partners Richard Tyler and David Moss and associate Janet Duff; and tax partner Karen Hughes and senior associate Fiona Bantock.
Commenting on the transaction, Steven Bryan said:
"We have enjoyed extending our relationship with MOL Group into 2014 and are delighted to have been able to help them secure this second UK North Sea asset base. Combined with MOL Group’s existing assets in the UK North Sea, this acquisition results in a sizable North Sea portfolio, allowing our client to realise its vision of growing its international portfolio.”