Hogan Lovells Advises MOL Group on Strategic North Sea Acquisition
16 December 2013
LONDON, 16 December 2013 - Hogan Lovells has advised MOL Group on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) Limited for a base consideration of US$375m, subject to adjustment at closing. The closing, which is expected to take place in the first quarter of 2014, is subject to the approval of the Department of Energy & Climate Change (DECC) and the consent of third party partners related to the ownership interests.
The portfolio of interests to be secured on closing will include non-operated equity stakes in the Broom (29% Working Interest), Catcher (20% WI), Cladhan (33.5% WI), Scolty and Crathes fields (50% WI). In addition, MOL Group will also acquire non-operating interests in the Sullom Voe Terminal and Brent Pipeline System.
MOL Group is a leading integrated Central & East European oil and gas corporation, listed on both the Budapest Stock Exchange and the Warsaw Stock Exchange, with an extensive international upstream portfolio of oil and gas exploration activities in 12 countries and valuable producing assets in 7 countries. The acquisition will provide MOL Group with the opportunity to increase its reserves, enhance its offshore experience and acquire a foothold in the attractive North Sea area.
The Hogan Lovells team advising MOL Group was led by London corporate energy partner Steven Bryan and senior associate Oscar Johnson, supported by associates Alex Browning and Matteo Matteucci, with tax advice from Of Counsel Andy Treavett and senior associate Fiona Bantock.
Commenting on the transaction, Steven Bryan said:
"This significant acquisition is an important strategic move for MOL as it secures their access to the UK continental shelf for the first time and increases their reserves, production growth, offshore facilities and experience. We are delighted to have been able to help them secure these objectives and looking forward to working with them in 2014 and beyond."