Marathon Oil and RockRose Energy have entered into a purchase agreement for the sale of Marathon Oil UK and West of Shetland. Marathon Oil thereby exits the UK continental shelf. The transaction is expected to close in the second half of 2019, with an effective date of January 1, 2019.
The sale gives RockRose 37-40 per cent operated interests in the Greater Brae Area, a 28 per cent stake in the BP-operated Foinaven field, and 47 per cent of Foinaven East, with output from the assets expected to average 13,000 barrels of oil equivalent per day (boepd) this year – bringing RockRose’s estimated total to 24,000 boepd according to Oil & Gas UK.
RockRose Energy is an independent oil and gas production and infrastructure company. Listed on the London Stock Exchange, it focuses on onshore and offshore production opportunities and infrastructure projects. It was established in 2015.