Oil and gas company RockRose Energy has entered into a sale and purchase agreement to acquire 20.43% stake in the Arran field offshore UK from Dana Petroleum, the operator of the field.

The field is located in the East Central Graben of the UK Central North Sea. The agreement covers 23/11a, 23/16b and 23/16c blocks of the field but does not include operatorship of the development.

RockRose plans to fund its share of the Arran field’s planned development through its existing cashflow. The field is expected to be developed as a subsea tie-back to the Shearwater platform operated by Shell.

The company estimates that the field will expand its resources by adding 5.7 million barrels of oil equivalent (mmbloe) per day 2P Reserves and 3,500 barrels of oil equivalent per day (boepd) of initial production, after completion of the development.

RockRose Energy executive chairman Andrew Austin said: “This is an exciting addition to RockRose’s portfolio providing a near-term development opportunity which adds significantly to the group’s reserves and future production.

“This once again demonstrates the group’s ability to quickly access, progress and execute transactions providing an invaluable first mover advantage when seeking highly value accretive transactions.”

The filing of the Arran’s field development plan (FDP) to the UK’s Oil and Gas Authority (OGA) is scheduled for the end of next month.

Acquiting the stake by RockRose is subject to OGA approval and customary partner consents.