Hogan Lovells has advised MOL Group on the acquisition of six UK North Sea licenses from Premier Oil UK Limited for USD 130 million, subject to adjustment, announced on June 30, 2014.
MOL Group has signed a Sale and Purchase Agreement to acquire interests in six Central North Sea offshore licenses and related assets; including a balanced mix of existing and new production, as well as both operated and non-operated exploration opportunities in the Scott, Telford, and Rochelle fields. The transaction is subject to certain third party and regulatory consents.
MOL Group is listed on both the Budapest Stock Exchange and the Warsaw Stock Exchange, and the company possesses an extensive international upstream portfolio of oil and gas exploration activities in 12 countries and valuable producing assets in seven countries.
Hogan Lovells previously advised MOL Group on its participation in a joint USD 2.25 billion project to develop the North Sea Catcher oil field, in which MOL Group owns a 20% stake; and on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) Limited for a base consideration of USD 375 million, signed in December of last year (reported on by CEE Legal Matters on December 19, 2013).
The Hogan Lovells team advising MOL Group was led by London corporate Energy Partner Steven Bryan and Senior Associate Tamsin Doran, assisted by Energy and Natural Resources group Partners Richard Tyler and David Moss and Associate Janet Duff, as well as Tax Partner Karen Hughes and Senior Associate Fiona Bantock.
