RockRose Energy plc Trading Update (4865D)
October 10 2018 - 1:00AM
UK Regulatory
TIDMRRE
RNS Number : 4865D
RockRose Energy plc
10 October 2018
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")
Trading Update
RockRose Energy Plc, the independent North Sea focussed oil and
gas company, provides an update on key developments on certain
assets across its portfolio.
Arran Field - Completion of acquisition & Final Investment
Decision
RockRose today announces the completion of the acquisition of a
20.43% interest in blocks, 23/11a, 23/16b and 23/16c, which contain
the Arran field in the UK Central North Sea. As previously
announced, the Company has also signed an Equity Realignment Letter
Agreement on Arran that takes the Company's interest to 30.43%
Additionally, the final investment decision has been made by the
joint venture partners to develop the Arran field. Shell has become
the operator of the Arran project.
At peak production, Arran is expected to produce around 100
million standard cubic feet a day of gas and 4,000 barrels per day
of condensate, which combined equates to 21,000 barrels of oil
equivalent per day (gross).
Four new development wells will be drilled and the natural gas
and liquids they produce will be transported via a newly installed
subsea pipeline to the Shearwater platform.
A/B Block - A18 field infill well spudded
On 9(th) October an infill well within the Petrogas operated A18
field was spudded. This well is expected to take approximately 40
days to drill and complete, at a net cost of EUR2.12m which is
funded from existing cash flow. The P50 recoverable volumes from
A18-A5 are estimated to be approximately 3.22 BCF net to RockRose,
with anticipated net production of 4-6 mmscfd subject to export
capacity constraints.
Production at the A18 field is from stacked Pleistocene-aged
marine sands and is currently from the older Q6A, Q7 and Q8 sands.
The A18-A5 well is targeting the shallower Q3.2 and Q4 sand
units.
Bleo Holm FPSO delivering the Ross and Blake Field's
production
On the 3(rd) October RockRose management carried out a visit to
the Bleo Holm vessel with our partners Repsol Sinopec. This
coincides with the integrity study that is currently underway to
further appraise the infrastructure needed going forward to
maximise the recovery of discovered hydrocarbons within the area.
This is in line with the government's MER (Maximise Economic
Recovery) strategy.
The latest cargo of Ross blend crude was unloaded at Pembroke
last week. Net to RockRose Energy this achieved a price in excess
of $85 a barrel.
ST1/Markham - Decommissioning underway
The Company continues to decommission its interests in the area
under the operatorship of Spirit Energy.
Halfweg - Topside platform removed
The heavy lift vessel to remove the topside of the platform is
booked to arrive in the coming months concluding the abandonment
programme of this field.
Andrew Austin, Executive Chairman of RockRose Energy said:
"The completion of the Arran acquisition and investment decision
by the partners is a major milestone for RockRose as the first
development project the Company has participated in.
The exploitation of infill drilling opportunities continues as
part of our portfolio's evolution. All activity, including infill
drilling, development projects and decommissioning is funded from
cash flow."
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.
Follow Rockrose Energy at:
Twitter: @rockrose_energy
LinkedIn: RockRose Energy
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END
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