MOL replaces Premier in North Sea Scott area

Offshore staff

LONDON – Premier has sold interests in three UK central North Sea fields to Hungary’s MOL for $130 million.

The package, which takes in six licenses, includes 21.8% of the Scott field and respectively 15% and 1.6% of the Rochelle and Telford fields, both developed as tiebacks to the Scott platform. Combined net production from the fields this year has been 3,700 boe/d.

In addition, MOL will assume the liabilities for future abandonment costs. The transaction remains subject to UK government approval.

Premier’s current UK focus is on its operated Solan and Catcher field developments west of Shetland and in the central North Sea.

06/30/2014

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