(Alliance News) - Oil and gas company RockRose Energy PLC on Friday said it will no longer operate the Brae Are oilfield in Scotland, which it acquired last summer.
RockRose became the operator of the asset in June, after buying US firm Marathon Oil Corp's UK subsidiary as part of a deal worth USD95 million.
Rockrose said: "There is no strategic or financial consequence to RockRose, as no partner under a joint operating agreement can benefit from being operator."
TAQA Bratani Ltd, a state-owned company based in Abu Dhabi, will become Brae's operator.
The transfer of operatorship relates to a notice that Marathon Oil UK received from TAQA, JX Nippon, and Spirit Energy - its partners at the oilfield.
The joint-venture partners called on Marathon UK to be discharged as operator, with TAQA appointed in its place.
Rockrose added: "RockRose has remained committed to ensuring the best possible outcome for the Brae Area, its staff, and for the joint venture partners.
"RockRose will work with TAQA during the transition process to ensure there is no disruption to ongoing operations including the current drilling programme at West Brae, and to ensure staff are fully supported throughout. We expect the handover to be completed in the second of half of the year."
The transfer to TAQA is subject to approval by the UK government.
RockRose shares were 1.0% lower at 2,208.00 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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