RRE.L Share News (RRE)

(Sharecast News) - RockRose Energy announced on Tuesday that the first of two infill development wells at West Brae, where RockRose has a 40% working interest and is the operator, has successfully completed and was delivering in line with expectations.
The London-listed firm said that following completion of the well, the Noble Houston Colbert jack-up drilling rig spudded the second planned well at West Brae on Monday evening.

Designated 'WPGZ' and 'WPOZ', the wells were designed to access more than three million barrels of net 2P reserves, and to add net production of 2,500 barrels of oil per day.

The drilling of the two infill wells formed part of a wider programme of planned activity, RockRose said, covering seven wells over the course of 2020.

It said the programme was aimed at enhancing production by more than 8,500 barrels of oil equivalent per day net in the current year and next, as the firm looked to convert 2C resources to 2P reserves, and deliver an extended field life.

"The drilling of the first of two RockRose-operated infill wells at West Brae has been completed as planned," said executive chairman Andrew Austin.

"The rig has now moved to the second well, which remains on target to deliver first production in the second quarter.

"These wells form part of a wider programme aimed at creating significant value for shareholders, including increased production, the conversion of resources to reserves and extending field life."

RockRose said that at the end of February, it was debt-free with net cash of ?272.1m, equivalent to ?20.75 per share, of which ?39.5m was restricted.

It said its final results for 2019 were expected to be published in the week beginning 23 March.

At 1129 GMT, shares in RockRose Energy were up 11.52% at 990.32p.