HOUSTON -- Marathon Oil Corporation (NYSE: MRO) announced today the company has closed on the sale of its UK business, which consists of the Brae area fields and Foinaven, to RockRose Energy PLC. The transaction represents a complete country exit for Marathon Oil.

Final terms of the transaction resulted in consideration payable to a subsidiary of Marathon Oil of approximately $95 million, which reflects the assumption by the buyer of the UK business' working capital and cash equivalent balances of approximately $345 million on Dec. 31, 2018. The transaction has an effective date of Jan. 1, 2019.

At year-end 2018, the Company carried 21.4 MMboe of proved reserves in the UK, and 2018 production averaged approximately 13,000 boed.