AU Energy, a subsidiary of Switzerland-based commodity trading company Mercuria Energy, bought Tullow Netherlands Friday for $81.1 million.

The deal includes operated and non-operated interests in the L12/L15 block and non-operated interests in the Q4 and Q5 blocks.

All blocks are in the Dutch area of the North Sea.

Tullow’s holdings in the blocks encompasses 7 license interests and 6 developed gas fields producing 1,500 barrels of net oil equivalent per day.

Tullow Netherlands is a subsidiary of UK-based Tullow Oil.

The sale is part of Tullow’s larger planned divestment from its North Sea gas assets in order to focus on conventional light oil.

The transaction has an effective date of January 1, 2014 and is expected to close during early 2015.

The deal is subject to ministerial consent of the intra-group transfer of the L12/L15 and Q block non-operated licence interests to Tullow Netherlands.

Tullow said its guidance for North Sea production will be revised when the deal closes.


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