On 23rd March 2022, our client Waldorf Production Limited (“Waldorf”) signed a binding agreement for the purchase of MOL Plc’s (“MOL”) entire Upstream portfolio in the United Kingdom for $305 million, with an additional oil price linked earn-out scheme during 2022-2025. Kirk Lovegrove & Company was the sole financial adviser to Waldorf on this transaction
Q4 2021 production for the target business was over 12,000 boepd, coming primarily from a 20% interest in the Harbour operated Greater Catcher Area (“GCA”) and a 50% interest in the EnQuest operated Scolty & Crathes fields. The transaction is subject to customary completion conditions and is expected to close during the second half of 2022.
Once completed, the sale will double Waldorf’s interest in GCA and increase its pro forma 2021 production by c. 55% to approximately 34,000 boepd and increase its YE 2020 2P reserves by almost a third to 67.5 mmboe.