UK exit for Marathon Oil

UK exit for Marathon Oil

RockRose Energy now owns 100% Marathon Oil U.K. LLC (MOUK) and Marathon West of Shetland Limited (MOWOS).

Following the deal back in February, the two companies have now finalised all aspects of the sale. The deal marks a complete exit from the UK for Houston-headquartered Marathon, which has increasingly switched its focus to onshore production in the US.

RockRose Energy now holds:

  • 26% interests in licence P313 and 40% in licences P340 and P108, which together comprise the Greater Brae Area.
  • 28% interest in the BP-operated Foinaven field as well as interests in the Foinaven East, T25, and T35 satellite accumulations.
  • Interests in the SAGE, Brae-Forties and WOSPS infrastructure

The Brae Area consists of three fixed jacket platforms, three subsea tie-backs and numerous pipelines and subsea components. Brae Alpha started production in 1983, Brae Bravo in 1988, and East Brae in 1993. The Central and West Brae/Sedgwick subsea tie-backs to Brae Alpha started production in 1989 and 1997, respectively. The Braemar subsea tie-back to East Brae began in 2003.

The Foinaven field was discovered in 1990 and sanctioned for development in 1994. It was the first deepwater development on the UKCS and the first West of Shetland. First oil from the field was in November 1997.

This sale added approx. 28.4 MMboe of 2P reserves, increasing the Company’s total 2P reserves to 62.9 MMboe and 2P reserves plus 2C contingent resources of 87.6 MMboe. Production for the assets being acquired is circa 11,000 boepd in 2019 to date, taking RockRose’s total net production for 2019 to date to circa 22,000 boepd on a pro forma basis.

The MOUK and MOWOS assets and teams, in Aberdeen, Peterhead and offshore are transferred to RockRose.