Rock Rose readmitted to London Stock Exchange after string of North Sea buys

Rock Rose is expected to be readmitted to the London Stock Exchange this week after a string of North Sea buys.

The firm has moved to acquire the entire share capital of Sojitz Energy Project (SEP) from Sojitz Corporation, a Japanese corporate entity.

The deal includes all of SEP’s North Sea assets, which includes interests in the Tors (15%), Grove (7.5%) and Seven Seas (10%).

The takeover is subject to Oil and Gas Authority (OGA) approval.

Rock Rose also snapped up Maersk Oil North Sea UK’s interests in the Scott (5.16%) and Telford (2.36%) fields, for £14.5 million plus working capital adjustments. Formal completion is expected in the coming weeks.

Executive chairman Andrew Austin said: “We have made significant progress delivering our targeted acquisition strategy and today’s fundraise allows us to accelerate this as we continue to pursue and identify complementary, value accretive acquisitions to create a scalable energy business that is able to deliver shareholder returns in a low oil price environment.

“The board would like to thank our existing and new shareholders for their support and patience as it has taken longer than initially anticipated to re-admit due to the complexities of the transaction. We look forward to providing updates on our progress in the weeks and months ahead.”

On completion of the acquisitions of the Scott and Telford assets, Egerton, and approval of the SEP acquisition, Rock Rose estimates current aggregate net production of around 1,400 boepd.

The post Rock Rose readmitted to London Stock Exchange after string of North Sea buys appeared first on Energy Voice.

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