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RockRose Energy plc (RRE)

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Thursday 24 May, 2018

RockRose Energy plc

Acquisition of Dyas BV

RNS Number : 1648P
RockRose Energy plc
24 May 2018
 

The following amendment has been made to the 'Acquisition of Dyas BV' announcement released on 24 May 2018 at 07.00 under RNS No 1068P.

 

The headings in the table in the appendix were originally omitted and have been inserted.

 

All other details remain unchanged.

 

The full amended text is shown below.

 

24 May 2018

 

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

 

Acquisition of Dyas BV for EUR €107m: Non-operated gas production in the Netherlands

 

RockRose Energy plc is pleased to announce that it has signed a Sale and Purchase Agreement to acquire the entire issued and to be issued share capital of Dyas B.V. (the "Acquisition"), which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR €107 million. The Dyas group of companies is wholly owned by SHV Holdings N.V., a family-owned Dutch multinational.

 

The Acquisition, which has an effective date of 1st January 2018, will be funded from existing cash resources with no debt or equity issuance or shareholder approval required. There will be a significant working capital adjustment at completion.

 

The Acquisition adds a further 13 MMboe net developed reserves (with material undeveloped and prospective resource upside) and over 5,000 boepd of production to the Group. Post completion RockRose estimates combined Group 1P reserves of approximately 23 MMboe and 2018 pro-forma production in excess of 10,000 boepd. The Group's production will be circa 60% gas and 40% oil.

 

Both the existing asset base and those assets to be acquired have incremental opportunities which the Board believe could add significantly to the Group's reserve base and maintain current production for at least the next five years, with Rockrose's portion of the associated capex to be funded from the Group's operating cash flow.

 

Andrew Austin, Executive Chairman of RockRose Energy said:

"On completion this acquisition grows our North Sea business to a level of production that is over 10,000 boepd and in addition to providing significant free cash flow diversifies the portfolio and strengthens the Company's position. Management sees significant upside in the combined portfolio and is confident RockRose can organically maintain or grow profitable production from these levels without necessitating additional funding."

Robert Baurdoux, CEO of Dyas, said:

"After a presence of over 50 years in the Netherlands, the divestment of our Dutch entities is part of a strategic refocussing of our business. RockRose Energy is well placed to take-on the stewardship of the Dutch assets, allowing Dyas to pursue new investment opportunities in the UK, Norway, Denmark and Malaysia."

 

GMP FirstEnergy acted as exclusive financial advisor to Dyas.

 

 

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

 

Broker:
Hannam & Partners (Advisory) LLP

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

 

Financial PR:

Camarco

Billy Clegg                                                                   +44 (0)20 3757 4980

Owen Roberts

Ollie Head

 

 

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

 

 

 

Appendix

 

The assets being acquired include

 

Location

Field/Concession

Operator

Dyas Interest (%)

Oil Netherlands

P15 Rijnfield

TAQA

45.7

F2-Hanze

Dana

20.0

Offshore Gas Netherlands

A/B Blocks

Petrogas

14.6

K4 & K5 Blocks

Total

11.7

F15A, B

Total

8.8

J3C

Total

1.7

P6 AB Field

Wintershall

15.0

P6-D

Wintershall

30.6

P9-A+B Unit

Wintershall

11.6

Q1-B Unit

Wintershall

2.6

Q4

Wintershall

10.4

Q4B Unit

Wintershall

10.3

F2 Pliocene

Dana

12.0

Markham Unit

Centrica

4.4

P15/P18

TAQA

4 to 9

K18b

Wintershall

10.0

Lambda

Wintershall

10.5

Onshore Gas Netherlands

Bergen

TAQA

12.0

Groet Oost

TAQA

20.0

Alkmaar PGI

TAQA

12.0

 


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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