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Update on Acquisition of Wytch Farm, Scott & Telford Interests

Source: 3/22/2017, Location: Europe

RockRose Energy announced on 22nd December 2016 that it had signed sale and purchase agreements with Maersk Oil North Sea UK 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 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 execu,ng our stated strategy. This is an exciting time for the Company and we look forward to closing the acquisi,on 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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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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