MOL Completes Divestment of U.K. Upstream Assets
Hungarian oil and gas company MOL on Thursday said it successfully closed the sale of all of its upstream assets in the United Kingdom to Waldorf Production Limited, according to a report by state news wire MTI.
Waldorf Production agreed on a base cash consideration of USD 305 million, subject to customary purchase price adjustments and based on an economic effective date of January 1, 2021, MOL said.
The agreement also contains an earn-out scheme mainly dependent on oil prices during 2022-2025, it added.
When it announced the agreement on the sale in March, MOL said production of its U.K. assets had peaked above 18,000 barrels of oil equivalent per day in 2019 and had fallen for two years.
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