LONDON (Alliance News) - RockRose Energy PLC said Thursday it has signed a purchase agreement to buy a 20% interest in three blocks containing the Arran field in the UK North Sea from Dana Petroleum Ltd.
RockRose acquired the stake in the three blocks for a nominal consideration funded by its existing cashflow.
RockRose will be partnered in the field by Shell UK, Zennor North Sea Ltd, and Dyas UK. The acquisition does not involve operatorship of the field.
It will add 5.7 million barrels of oil equivalent to its proved and probable reserves and some 3,500 barrels of oil equivalent a day production once it gets going.
"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," Chairman Andrew Austin said.
RockRose's stock was trading 1.3% higher at 346.44 pence per share on Thursday.
