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MOL successfully closes second North Sea acquisition

Deals

Hungarian oil and gas company MOL has successfully closed the previously announced deal with Premier Oil UK Limited regarding acquisition of Premier’s interest in six licenses located in the U.K. Central North Sea area, MOL said on the Budapest Stock Exchange website today.

The portfolio includes non-operated equity stakes in Scott (21.84%), Rochelle (15%) and Telford (1.59%) producing fields, as well as participating interest in exploration licences including the Rochelle Upper Jurassic deep prospect.

The acquisition is estimated to increase MOL’s 2P reserves by 14 MMboe, while the year-to-date 2014 total saleable production of above-mentioned assets has averaged 3.7 mboepd. Prospective resources (7 MMboe, unrisked) provide an additional upside potential.

Alexander Dodds, Group Executive Vice President for Upstream added: “This transaction extends the presence of MOL Group on the global map of offshore E&P in a stable lower risk area. Moreover, together with MOL Group’s already existing assets in the UK North Sea, this transaction will combine to create considerable operational synergies.”

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