16 Mar 2018 07:00
16 March 2018
Rockrose Energy plc
Update on Incremental Development Projects
RockRose Energy plc. is pleased to announce that it has commissioned two reports:
· RockRose has commissioned ERC Equipoise to evaluate both the existing upside potential within the Blake field (30.82%) and, the nearby Tain satellite discovery (50%), with a view to inform FID on Tain development.
· RockRose has also commissioned an independent report from Crondall Energy to review the FPSO options on the Blake & Ross field. The scope is in two parts; looking at replacing the current vessel or extending the life of the Bleo Holm vessel which is operated by Repsol Sinopec, the company's joint venture partner, with the vessel currently targeted to be on station until 2024. This is being undertaken to extend the life of the fields and give the opportunity to fully deliver other discovered hydrocarbons in the area.
Andrew Austin, Executive Chairman of RockRose Energy said:
"Internal analysis undertaken since acquiring our interest in the Blake and Ross fields suggests there is significant upside in terms of recoverable discovered hydrocarbons, particularly in the Tain area. We have commissioned independent reports to be able to make informed financial decisions regarding further development/redevelopment opportunities. The results of these reports will be available in the next couple of months.
While we remain focused on securing additional accretive acquisitions we are encouraged by the opportunities for organic growth offered within our existing portfolio."
End
Enquiries:
Rockrose Energy plc +44 (0)20 3826 4800
Broker:Hannam & Partners (Advisory) LLP
Giles Fitzpatrick / Andrew Chubb +44 (0)20 7907 8500
Financial PR:
Camarco
Billy Clegg +44 (0)20 3757 4980
Owen Roberts
Ollie Head
For further information, please visit the Company's website at www.rockroseenergy.com.