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RockRose Energy plc (RRE)

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Thursday 09 August, 2018

RockRose Energy plc

Acquisition of 20.43% Interest in Arran Field

RNS Number : 2626X
RockRose Energy plc
09 August 2018
 

 

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN. 

 

 

RockRose Energy plc ("RockRose", the "Group" or the "Company")

 

 

Acquisition of 20.43% Interest in Arran Field, UK North Sea

 

 

RockRose Energy, the independent oil and gas company, is pleased to announce that it has signed a Sale and Purchase Agreement to acquire a 20.43% interest in blocks, 23/11a, 23/16b and 23/16c, which contain the Arran field in the UK Central North Sea, from Dana Petroleum (E&P) Ltd (the "Acquisition") for a nominal consideration. RockRose will fund its share of the planned development of the Arran field through the Group's existing cashflow.

 

The Acquisition adds a further 5.7 mmboe 2P Reserves to RockRose and 3,500 boepd of initial production to the Group post development. RockRose will be partnered in the field by Shell UK, Zennor North Sea Ltd and Dyas UK. The acquisition does not involve Operatorship of the development.

 

It is anticipated that the field will be developed as a subsea tie-back to the Shell operated Shearwater platform.

 

It is anticipated that the Field Development Plan (FDP) will be filed with the OGA by end of September 2018.

 

Completion of the transaction is subject to OGA and other usual partner consents however the company are not aware of any reasons for this to be withheld.

 

Andrew Austin, Executive Chairman of RockRose said:

 

"This is an exciting addition to RockRose's portfolio providing a near-term development opportunity which adds significantly to the Group's reserves and future production.

 

This once again demonstrates the Group's ability to quickly access, progress and execute transactions providing an invaluable first mover advantage when seeking highly value accretive transactions."

 

Competent person: Technical information in this announcement has been reviewed by Dr Richard Benmore, B.Sc, M. Sc, Ph.D, who is a Director of the Company. Richard has 35 years of experience in the Oil and Gas industry with Conoco, Oryx Energy, Nimir Petroleum, EnCana, Nexen Petroleum and IGas Energy.

 

 

End

 

 

Enquiries:

 

Rockrose Energy plc                                              +44 (0)20 3826 4800

 

Financial Adviser and Joint Broker:
Hannam & Partners (Advisory) LLP

Giles Fitzpatrick / Andrew Chubb                              +44 (0)20 7907 8500

 

Joint Broker:

Cantor Fitzgerald

Nick Tulloch / Gregor Paterson                                  +44 (0)131 257 4634

 

Financial PR:

Celicourt

Mark Antelme / Henry Lerwill                                    +44 (0)20 7520 9261

 

For further information, please visit the Company's website at www.rockroseenergy.com.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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