RE: SWM IS THIS THE ONE FOR AA27 Feb 2020 14:57
Cotton gas Field (formerly "Carna")
RockRose Energy Plc ("RockRose" or "the Company"), the independent oil and gas production company, today announces it has signed a Sales and Purchase Agreement ("SPA") to acquire 100% of the equity of Speedwell Energy (1) Limited, the holder of 100% interest in the Cotton gas Field in the UK sector of the Southern North Sea, for a limited initial consideration, with the larger part of consideration becoming due at Final Investment Decision ("FID"). The transaction is subject to the usual regulatory approvals.
The field was discovered in 2009 by well 43/21b-5Z, which encountered a gas column of up to 1,260 feet over six gas bearing sandstone units. Speedwell estimates Cotton contains recoverable gas resources of 97Bcf (16.7mmboe) and has the potential to produce at a peak rate of up to 70mmscf/d (12,000 boepd) from two horizontal development wells.
Intetestin