27 Jun 2018 07:00
27th June 2018. For release at 7.00am
THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
RockRose Energy plc ("RockRose", the "Group" or the "Company")
Company Update - AGM statement
RockRose Energy, the independent oil and gas company is issuing the following update to the market ahead of its AGM (Annual General Meeting) at 10am today at the office of Cooley (UK) LLP, Dashwood, 69 Old Broad Street, London EC2M 1QS.
· Good progress continues towards the completion of the acquisition of Dyas B.V. for a total consideration of €107 million ($124 million), which was announced on 24 May 2018, with completion now anticipated on or around 1 September 2018.
· A 1 September 2018 closing of the Acquisition is expected to result in a working capital adjustment in favour of the Company in the range of EUR50-60 million ($58-70 million) given the effective date of the Acquisition of 1 January 2018.
· Including the pro-forma contribution of the Dyas assets, the Company's economic production year to date will have averaged 11,335boepd.
· Conditional upon the successful closing of the Acquisition, the Company estimates, at current hydrocarbon prices and on a pro-forma basis, EBITDA for the financial year ended 31 December 2018 of between $100-120 million.
· Since the acquisition of Idemitsu, operators' timetables for abandonment on 80% of Group assets have been extended by at least a year.
· The Company is sharing the preliminary results of the studies on the Tain area and potential export routes with our Joint Venture partners and will update the market shortly.
Andrew Austin, Executive Chairman of RockRose said: "With strong positive cashflows from both our UK and Dutch assets and significant upside within the portfolio, RockRose is very well placed to continue to deliver significant returns for its shareholders and a continued growth strategy, both through further acquisitions and organically."
The Company is also pleased to announce the appointment of Cantor Fitzgerald as joint broker to the Company.
The person who arranged for the release of this announcement on behalf of the Company was Andrew Austin, Executive Chairman.
End
Enquiries:
Rockrose Energy plc +44 (0)20 3826 4800
Financial Adviser and Joint Broker:Hannam & Partners (Advisory) LLP
Giles Fitzpatrick / Andrew Chubb +44 (0)20 7907 8500
Joint Broker:
Cantor Fitzgerald
Nick Tulloch / Gregor Paterson +44 (0)131 257 4634
Financial PR:
Celicourt
Mark Antelme / Henry Lerwill +44 (0)20 7520 9261
For further information, please visit the Company's website at www.rockroseenergy.com.