RockRose Energy plc Acquisition of Idemitsu & Suspension of Trading (9192T)
18 October 2017 - 5:49PM
UK Regulatory
TIDMRRE
RNS Number : 9192T
RockRose Energy plc
18 October 2017
18(th) October 2017
RockRose Energy PLC
Acquisition of Idemitsu Petroleum UK Limited & Suspension of
Trading
This announcement contains inside information.
RockRose Energy PLC ("RockRose" or the "Company") is pleased to
announce it has signed a sale and purchase agreement to acquire the
entire issued share capital of Idemitsu Petroleum UK Limited
("Idemitsu UK") from Idemitsu Kosan Co, Ltd, a Japanese corporation
(the "Acquisition"). The Acquisition will be funded out of the
existing facilities and cash resources of the Company. Completion
of the Acquisition is conditional upon confirmation from the UK Oil
and Gas Authority that there is no objection to change of
control.
The Idemitsu UK's assets comprise, inter alia, a substantial
number of producing fields in the North Sea which include:
Field Working Operator
Interest
--------- ---------- ---------
Ross 30.8% Repsol
--------- ---------- ---------
Blake 30.8% Repsol
--------- ---------- ---------
Tain 50.0% Repsol
--------- ---------- ---------
Nelson 7.5% Shell
--------- ---------- ---------
Howe 20.0% Shell
--------- ---------- ---------
Balmoral 6.8% Premier
--------- ---------- ---------
Stirling 16.0% Premier
--------- ---------- ---------
Beauly 40.0% Repsol
--------- ---------- ---------
Burghley 41.1% Repsol
--------- ---------- ---------
Galley 17.4% Repsol
--------- ---------- ---------
The Acquisition also brings with it a number of key employees
and its premises in London, which will enhance RockRose's internal
expertise providing continuity on the acquired assets and assisting
with the management of the wider portfolio.
On closure of this Acquisition and previously announced
transactions, RockRose will have a projected 6,200 - 7,000 boepd of
production in 2018 on an aggregated basis.
Andrew Austin, Chairman of RockRose said:
"RockRose is continuing to deliver on its stated strategy of
building a business through the acquisition of mature producing
assets. We believe that this acquisition is a significant one for
the Company and that this portfolio also has a lot of potential for
extended field life and gives Rockrose access to significant tax
losses."
"We continue to review further acquisition opportunities in
North West Europe and, post completion of this along with the
previously announced Maersk, Sojitz and Egerton transactions by the
end of this year, will have established a material business in the
North Sea, set to deliver value to our shareholders."
The Acquisition constitutes a reverse takeover for the purposes
of the listing rules, the Company has requested that the UK Listing
Authority to suspend the listing of the shares with immediate
effect. The Company will proceed to prepare and publish a new
prospectus in the coming weeks which will include a competent
persons report on the assets of the Company as enlarged by the
Acquisition.
Further details and updates on the Acquisition will be released
in the near future.
Ends
Enquiries:
RockRose Energy plc +44 (0)20 3826 4800
Broker
Hannam & Partners (Advisory) LLP
Giles Fitzpatrick / Andrew Chubb +44 (0)20 7907 8500
Financial PR
Camarco
Billy Clegg +44 (0)20 3757 4980
Georgia Edmonds
Ollie Head
For further information, please visit the Company's updated
website at www.rockroseenergy.com.
Definitions:
OGA Oil and Gas Authority
BOEPD Barrel of oil equivalent
per day
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQGLBDGLSBBGRI
(END) Dow Jones Newswires
October 18, 2017 02:49 ET (06:49 GMT)
Rockrose Energy (LSE:RRE)
Historical Stock Chart
From Apr 2024 to May 2024
Rockrose Energy (LSE:RRE)
Historical Stock Chart
From May 2023 to May 2024