Independent company RockRose Energy has signed a share purchase agreement (SPA) to acquire 100 per cent of Marathon Oil's UK business for US$140 million.
RockRose said the deal will be funded through existing resources and facilities. They will be buying Marathon Oil U.K. (MOUK) and 100 per cent of Marathon Oil West of Shetland Limited (MOWOS).
"This Acquisition marks a major step change in the Group's reserves and production profile. Given the quality of these assets the Board's view is this is a good opportunity to make the transition to the role of operator," said RockRose Executive Chairman.
MOUK holds 37 per cent-40 per cent operated interests in fields in the Greater Brae Area and MOWOS holds a 28 per cent interest in the BP plc operated Foinaven Field unit and a 47 per cent interest in Foinaven East, respectively. The deal also includes interests in the SAGE, Brae-Forties and WASPS infrastructure providing additional tariff income.
The MOUK and MOWOS assets and teams in Aberdeen, Peterhead and offshore will transfer with MOUK and MOWOS to RockRose on completion of the deal.
