RockRose Energy zeroes in on Maersk Oil’s North Sea assets

RockRose Energy this morning confirmed it was one step closer to finalising its North Sea acquisition deal with Maersk Oil.

The independent operator launched a bid to buy Maersk’s stakes in the Scott and Telford fields.

RockRose today reported the Oil and Gas Authority has approved the bid.

A spokesperson said: “The company and Maersk are progressing towards completion of the acquisition of interests in the Scott and Telford fields.”

Separately, Rockrose has signed a conditonal 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.

RockRose 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 acquisiton, the company estimates current aggregate current production of around 1,400 barrels of oil equivalent per day.

RockRose is pursuing a targeted acquisition strategy focused on onshore and offshore production opportunities, power generation and infrastructure.

Its strategy includes targeting offshore cash generative production assets and accretive onshore opportunities, where the potential exists to consolidate working interests and operatorship to a size capable of attracting major industry players.

Its leadership team includes executive chairman Andrew Austin, one of the founders and the former chief executive officer of IGas Energy.

Mr Austin spent 17 years working in investment banking in the City of London with Merrill Lynch, Nomura, Citibank and Barclays Capital. Latterly he was General Manager of Creditanstalt Investment Bank in London. He also has six years of management consultancy experience with clean tech companies including Generics Group and Whitfield Solar.

The Scott platform, which came on stream in 1993, produces crude oil and natural gas from the Scott, Telford and Rochelle fields. Scott is located about 188 km (116 miles) northeast of Aberdeen in 142 metres (465 feet) of water. Oil from the platform is exported via the Forties pipeline to the Kinneil Terminal in Scotland. Natural gas is exported via the SAGE pipeline system.

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