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RockRose making headway with Maersk field acquisition deals, snaps up Egerton Energy shares

CNOOC Scott platform
The Scott platform

RockRose Energy is close to signing a deal with Maersk Oil to acquire non-operated interests in the Wytch Farm, Scott and Telford fields.

The UK based independent oil and gas production firm announced back in December that it had signed sale and purchase agreements with Maersk Oil North Sea over the three interests.

In a statement RockRose said that it is now “progressing towards completion” of the acquisitions.

The firm aim to take on a 5.16% interest in the Scott and 2.36% in the Telford, both of which are located in the Outer Moray Firth Basin and are operated by Nexen through the Scott platform.

RockRose has been informed that multiple partners in the Wytch Farm (7.43%), located in Dorset and the largest onshore oil field in western Europe, 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.

This includes the firm’s 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 approval from regulator the Oil and Gas Authority.

RockRose has also signed a non-binding heads of terms to acquire a subsidiary of an unamed 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.

The firm is also to consult with existing shareholders and potential new investors about private fundraising, as well as “alternative finance”.

‎Andrew Austin, RockRose’s 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.”

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