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North Sea oil and gas firm underlines commitment to invest in area

North Sea oil and gas firm underlines commitment to invest in area


Oil and gas independent RockRose Energy has underlined its ambition to increase production in the UK after bringing a well onstream in the Dutch North Sea.

RockRose said the A18-A5 well had been completed on time and within budget in a success which will help underpin the company’s production for the next two years.

Executive chairman Andrew Austin noted the results of the well exceeded pre-drill expectations.

The progress achieved off Holland will help boost confidence in the company’s plan to develop a significant North Sea business through acquisitions.

Directors of the London-based firm decided the fallout from the crude price slump between 2014 and 2016 created opportunities.

The company acquired an interest in the acreage containing the A18-A5 well through the €104 million acquisition of a portfolio of assets in Holland from the country’s Dyas in May.

Welcoming the start of production from the well Mr Austin said: “Our on-going investment in both our UK and Dutch assets is central to our commitment to grow production and invest for the long term.”.

RockRose received a boost in October when Shell approved plans to develop the Arran field east of Aberdeen.

It acquired a 20.43% interest in Arran from Korean-owned Dana Petroleum for a nominal sum in August. RockRose said in September that it had increased its holding to 30.43%.

The company produced an average 5,176 barrels of oil equivalent daily (boed) in the first half, before completing the acquisition of the Dyas portfolio. It made $5.1m profit after tax.

Noting it expects to get 200 to 250 boed from the A18-A15 well, RockRose said the output underpins production from its Netherlands assets for the next couple of years.


Source: https://www.heraldscotland.com/business_hq/17276727.north-sea-oil-and-gas-firm-underlines-commitment-to-invest-in-area/

Published: 05-12-2018

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