RockRose Energy - Company Update – AGM Statement

RockRose Energy, the independent oil and gas company is issuing the following update to the market ahead of its AGM (Annual General Meeting) at 10am yesterday at the office of Cooley (UK) LLP, Dashwood, 69 Old Broad Street, London EC2M 1QS.

  • Good progress continues towards the completion of the acquisition of Dyas B.V. for a total consideration of €107 million ($124 million), which was announced on 24 May 2018, with completion now anticipated on or around 1 September 2018. 
  • A 1 September 2018 closing of the Acquisition is expected to result in a working capital adjustment in favour of the Company in the range of EUR50-60 million ($58-70 million) given the effective date of the Acquisition of 1 January 2018.
  • Including the pro-forma contribution of the Dyas assets, the Company's economic production year to date will have averaged 11,335boepd. 
  • Conditional upon the successful closing of the Acquisition, the Company estimates, at current hydrocarbon prices and on a pro-forma basis, EBITDA for the financial year ended 31December 2018 of between $100-120 million.
  • Since the acquisition of Idemitsu, operators' timetables for abandonment on 80% of Group assets have been extended by at least a year.
  • The Company is sharing the preliminary results of the studies on the Tain area and potential export routes with our Joint Venture partners and will update the market shortly.

Andrew Austin, Executive Chairman of RockRose said: “With strong positive cashflows from both our UK and Dutch assets and significant upside within the portfolio, RockRose is very well placed to continue to deliver significant returns for its shareholders and a continued growth strategy, both through further acquisitions and organically.”

The Company is also pleased to announce the appointment of Cantor Fitzgerald as joint broker to the Company.

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

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