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.”