MOL to acquire North Sea licences for $130 mln

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Following its announcement to start drilling in the North Sea, Hungarian oil and gas company MOL has agreed to spend HUF 130 mln to acquire six licences in the North Sea from Premier Oil UK Limited, the Hungarian company announced this morning.

MOL is expecting the aqcuisition to increase its proven and probable reserves by 14.3 million barrels of oil.

Production at the sight has averaged 3,700 barrels of oil equivalent this year, but MOL is expecting the measure reach the average of 6,200 barrels of oil equivalent by 2016.

According to MOL the transaction would create “considerable operational synergies”. The cost will be covered entirely from cash-flow, the company added.


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