RockRose Energy: Acquisition of 20.43% Interest in Arran Field, UK North Sea
Thursday 9 August 2018
RockRose Energy, the independent oil and gas company, announced 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 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.