2 Jan 2019 07:00
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")
2nd January 2019
Year End Update
RockRose Energy, the independent oil and gas company, is pleased to announce an update on 2018 trading.
· Production from RockRose's UK based assets averaged 5,194 boepd through 2018, against a target production of 5,250 boepd.
· Group production, including the contribution from Dyas B.V since the effective date of the acquisition (1st January 2018), averaged 10,772 boepd, with production in December averaging 11,200 boepd.
· Target production from RockRose's current portfolio for 2019 remains between 10,000-12,000 boepd.
· As at 31st December 2018 total cash at bank was $121.4 million, of which $53.3 million is held in connection with Decommissioning Security Agreements (DSAs).
· The company remains debt free.
RockRose Executive Chairman, Andrew Austin said:
"2018 was a busy year for RockRose Energy. We integrated the acquisitions of Idemitsu, Egerton and Sojitz, which completed at the close of 2017, returned capital to shareholders, agreed and closed the further acquisitions of Dyas B.V and our 30.4% interest in the Arran Field, agreed the FDP on Arran and tendered for 20% of the equity in the company.
We continue to invest in the organic growth of our portfolio, while also actively evaluating acquisition opportunities. The recent decline in the oil price, combined with the strength of our balance sheet and absence of any debt, potentially presents further value accretive acquisition opportunities for RockRose."
End
The person who arranged for the release of this announcement on behalf of the Company was Andrew Austin, Executive Chairman.
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.