RockRose Energy plc Update on Acquisitions and Re-Admission (1737A)
March 22 2017 - 2:01AM
UK Regulatory
TIDMRRE
RNS Number : 1737A
RockRose Energy plc
22 March 2017
22(nd) March 2017
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
RockRose Energy plc
Update on Acquisitions and Re-Admission
RockRose Energy PLC (the "Company") announced on 22(nd) December
2016 that it had signed sale and purchase agreements with Maersk
Oil North Sea UK Ltd ("Maersk") to acquire its non-operated
interests in the Wytch Farm, Scott and Telford fields.
The Company and Maersk are progressing towards completion of the
acquisition of interests in the Scott (5.16%) and Telford (2.36%)
fields. The Company has been informed that multiple partners in
Wytch Farm (7.43%) have exercised their pre-emption rights on that
asset. The consideration for the interests in Scott and Telford
consists of a payment from Maersk to the Company.
Separately, Rockrose has signed a conditional sale and purchase
agreement to acquire the entire issued and to be issued share
capital of Egerton Energy Ventures Limited ("Egerton") including
non-operated interests in the Galahad (27.80%) and Mordred (8.33%)
gas fields located in the Southern North Sea.
Both transactions are subject to OGA approval and customary
conditions precedent.
The Company has also signed a non-binding heads of terms to
acquire a subsidiary of a major trading company which holds small
non-operated interests in gas fields located in the Southern North
Sea. This proposed acquisition also includes significant tax
assets.
On completion of the acquisitions of the Scott and Telford
assets, Egerton, and the other potential acquisition, the Company
estimates current aggregate current production of around 1,400
barrels of oil equivalent per day.
The Company has filed a draft prospectus with the UK Listing
Authority and is proceeding with the documentation and application
process to re-list. Concurrently, and in order to accelerate the
implementation of its stated strategy, the Company will consult
with both existing shareholders and potential investors to allow
the Board to consider a fundraising by way of a private placement.
The Company will also continue to investigate other forms of
alternative finance. The Company has sufficient cash resources to
complete the acquisitions given its existing cash balances and
completion payments.
Andrew Austin (Executive Chairman) said:
"We are delighted with the progress we have made to date in
executing our stated strategy. This is an exciting time for the
Company and we look forward to closing the acquisition of these
assets as well as accessing our pipeline of new opportunities from
a well-developed platform that we expect to be producing in excess
of 1,400 boe/d."
End
Enquiries:
RockRose Energy plc +44 (0)20 3826 4800
Broker
Hannam & Partners LLP
Giles Fitzpatrick / Andrew Chubb +44(0)20 7907 8500
Financial PR
Camarco +44 (0)20 3757 4980
This information is provided by RNS
The company news service from the London Stock Exchange
END
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