RockRose reaches deal for Marathon’s UK offshore interests

RockRose has agreed to acquire 100% of Marathon Oil U.K. and 100% of Marathon Oil West of Shetland from subsidiaries of Marathon Oil Corp. for around $140 million.

Offshore staff

LONDONRockRose has agreed to acquire 100% of Marathon Oil U.K. and 100% of Marathon Oil West of Shetland from subsidiaries of Marathon Oil Corp. for around $140 million.

The deal should be funded via RockRose’s existing resources and facilities.

Marathon has 37%-40% operated interests in fields in the Greater Brae Area in the UK central North Sea, and 28% of theFoinaven field unit and 47% in Foinaven East, west of Shetland, both operated by BP.

In addition, RockRose will gain interests in the SAGE, Brae-Forties, and WASPS pipeline infrastructure which will provide additional tariff income.

On completion, the company should net 2P reserves of around 35 MMboe, with likely production of roughly 13,000 boe/d in 2019, lifting the company’s full anticipated output this year to around 24,000 boe/d.

Marathon’s assets and teams in Aberdeen, Peterhead, and offshore will transfer to RockRose on completion of the acquisition.

02/25/2019

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