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RockRose Energy plc (RRE)

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Wednesday 02 January, 2019

RockRose Energy plc

Year End Update

RNS Number : 8683L
RockRose Energy plc
02 January 2019
 

 

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")

 

2nd January 2019

Year End Update

 

RockRose Energy, the independent oil and gas company, is pleased to announce an update on 2018 trading.

 

·    Production from RockRose's UK based assets averaged 5,194 boepd through 2018, against a target production of 5,250 boepd.

 

·    Group production, including the contribution from Dyas B.V since the effective date of the acquisition (1st January 2018), averaged 10,772 boepd, with production in December averaging 11,200 boepd.

 

·   Target production from RockRose's current portfolio for 2019 remains between 10,000-12,000 boepd.

 

·    As at 31st December 2018 total cash at bank was $121.4 million, of which $53.3 million is held in connection with Decommissioning Security Agreements (DSAs).

 

·     The company remains debt free.

 

RockRose Executive Chairman, Andrew Austin said:

 

"2018 was a busy year for RockRose Energy. We integrated the acquisitions of Idemitsu, Egerton and Sojitz, which completed at the close of 2017, returned capital to shareholders, agreed and closed the further acquisitions of Dyas B.V and our 30.4% interest in the Arran Field, agreed the FDP on Arran and tendered for 20% of the equity in the company.

 

We continue to invest in the organic growth of our portfolio, while also actively evaluating acquisition opportunities. The recent decline in the oil price, combined with the strength of our balance sheet and absence of any debt, potentially presents further value accretive acquisition opportunities for RockRose."

 

End

 

The person who arranged for the release of this announcement on behalf of the Company was Andrew Austin, Executive Chairman. 

 

 

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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