North Sea oil agency Waldorf Manufacturing has struck a deal to amass MOL Hungarian Oil and Gasoline’ UK belongings.

As a part of the binding sale and buy settlement, the Aberdeen-based agency will tackle a 20% non-operated curiosity within the Catcher area.

That builds on the 20% stake within the area it acquired from Capricorn Power, then Cairn Power, final 12 months – the £334 million deal additionally included a 29.5% stake in Kraken.

Waldorf has additionally secured non-operated pursuits of fifty% within the Scolty and Crathes fields from MOL, in addition to 21.83% within the Scott and 1.59% within the Telford licences.

Efficient economically from January 1, the deal is anticipated to finish within the second half of the 12 months.

The subsidiaries and belongings being acquired will proceed to be held by Waldorf after completion, the corporate mentioned.

It additionally pressured that there are not any implications for the Nordic Bond issued by Waldorf in October.

Erik Brodahl, chief govt of Waldorf mentioned: “We’re excited to amass MOL’s UK portfolio and by so doing to double our stake in GCA.

“Professional forma for the transaction Waldorf’s 2021 manufacturing will increase by c. 55% to c.34,000 boe per day and finish 2021 2P reserves by nearly a 3rd from 51.6 mmboe to 66.5 mmboe.

“Waldorf continues to search for additional development alternatives constructing on its resilient non-operated North Sea manufacturing base within the near-term.”

Waldorf, which targets lengthy life producing or close to growth belongings, accomplished its acquisition of pursuits within the Catcher and Kraken fields from Capricorn in November after the deal was first introduced in March 2021.

Capricorn mentioned the fields had been “falling into pure decline” and that the money would assist it to pursue its strategic objectives.

Positioned abut 110 miles from Aberdeen, Catcher is operated by Harbour Power with a 50% stake and is served by BW Offshore’s Catcher FPSO.

Waldorf is on one thing of an acquisitions spree and there have been experiences just lately that the corporate is in unique talks to purchase the belongings of Dutch oil and gasoline firm ONE-Dyas.

It’s although the deal might exceed £750m.

Waldorf burst onto the North Sea scene in 2019 with the acquisition of Endeavour Power UK from Houston-headquartered Endeavour Worldwide.

That deal gave it non-operated stakes within the producing Alba, Bacchus, Bittern and Enoch fields, in addition to the Columbus growth undertaking.