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LONDON/BUDAPEST (Reuters) - Premier Oil has sold a package of six licences in the North Sea to Hungarian energy company MOL for $130 million, the two companies said on Monday.
The deal, which has an effective date of Jan. 1, 2014, includes Premier Oil's interests in the Scott, Telford and Rochelle fields.
The acquisition will increase MOL's 2P (proved and probable) reserves by 14.3 million barrels of oil equivalent from the three fields, 73 percent from oil and 27 percent from gas.
"This sale will allow our team in the UK North Sea to focus principally on our operated Solan and Catcher developments," said Premier Oil's newly appointed chief executive Tony Durrant.
MOL added that it also saw additional potential from further prospective resources secured through the deal.
The transaction is subject to government and partner approvals and is expected to close in the second half of this year.
(Reporting by Karolin Schaps in London and Gergely Szakacs in Budapest; editing by Kate Holton and Jason Neely)