Maersk Oil, a unit of Danish conglomerate A.P. Moller-Maersk, has agreed to sell stakes in three North Sea fields to RockRose Energy Plc, the latest new entrant into the ageing basin.
RockRose suspended trading on Sept. 14 before announcing it has agreed non-binding headline terms and a period of exclusivity from Maersk Oil North Sea UK to acquire its nonoperated 7.4% interest in the Wytch Farm Field, a 5.2% interest in the Scott fields and a 2.4% interest in the Telford Field.
The total production for the three interests is estimated at around 2,000 barrels per day, according to industry sources.
A spokesman for Maersk Oil confirmed the details of the RockRose statement.
RockRose, led by Andrew Austin, former CEO of U.K. shale gas company iGas Energy Plc, entered the London Stock Exchange in January. This would be its first deal.
Deal-making in the global oil and gas production sector, and particularly in the North Sea, has sharply declined since a rout in oil prices started in mid-2014.
A growing consensus in the industry that oil prices are likely to rise in the coming years has nevertheless led to a cautious revival.
Last month, private equity-backed Siccar Point Energy Ltd. made its first North Sea oil deal when acquiring an 8.9% stake in the U.K. North Sea Mariner field from JX Nippon.
RELATED: Siccar Point Energy Acquires Stake In UK North Sea Mariner Field
Recommended Reading
NuStar Energy Unitholders Approve Merger with Sunoco
2024-05-02 - The transaction is expected to close on or about May 3, in which NuStar Energy LP will merge with and into a merger subsidiary of Sunoco LP.
FTC OKs Exxon-Pioneer Merger, but Bars Sheffield from Exxon’s Board
2024-05-02 - A megamerger between Exxon Mobil and Pioneer Natural Resources can proceed, but Pioneer Chairman Scott Sheffield is out, the Federal Trade Commission says.
Stice: Diamondback’s Small Company Culture Suits Big M&A Appetite
2024-05-01 - Diamondback Energy CEO Travis Stice tells analysts that the company’s nimble nature is among its top qualities, allowing for rapid growth and the successful integration of Endeavor Energy this year.
Comstock Adds Four Whopper Wildcats; Takes Western Haynesville to 450K
2024-05-01 - Comstock Resources' four newest wells, which IP’ed at more than 35 MMcf/d, were landed at up to 19,400 feet total vertical depth.
Marketed: Wylease Niobrara Shale Cloud Peak Opportunity
2024-04-30 - Wylease LLC has retained EnergyNet for the sale of working interest in the Niobrara Shale of Converse County, Wyoming in the Cloud Peak 3874-8-5-1NH.