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RockRose Energy plc (RRE)

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Wednesday 10 October, 2018

RockRose Energy plc

Trading Update

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 9th 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 €2.12m 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 3rd 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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