RockRose Energy plc Change of Operatorship of Brae Area (1678A)
17 Gennaio 2020 - 12:00PM
UK Regulatory
TIDMRRE
RNS Number : 1678A
RockRose Energy plc
17 January 2020
FOR IMMEDIATE RELEASE 17(th) January 2020
ROCKROSE ENERGY PLC
("RockRose")
Change of Operatorship of Brae Area
RockRose Energy plc (LSE: RRE) (the "Company"), the independent
oil and gas production and infrastructure company, announces,
subject to receipt of approval by the Secretary of State, it will
be passing operatorship of the Brae Area to TAQA Bratani ("TAQA").
This follows court proceedings brought by TAQA and the other joint
venture partners, JX Nippon and Spirit Energy in December 2019. The
proceedings related to the notice of discharge served on Marathon
Oil UK (MOUK), as operator. There is no strategic or financial
consequence to RockRose, as no partner under a Joint Operating
Agreement (JOA) can benefit from being operator.
The notice of discharge was served on MOUK prior to its
acquisition by RockRose on 1(st) July 2019 and the possibility of
this outcome was referred to in the prospectus published by the
Company on 19(th) July 2019. Throughout the process, subsequent to
the notice having been received, RockRose has remained committed to
ensuring the best possible outcome for the Brae Area, its staff,
and for the joint venture partners.
RockRose will work with TAQA during the transition process to
ensure there is no disruption to ongoing operations (including the
current drilling programme at West Brae), and to ensure staff are
fully supported throughout. We expect the handover to be completed
in the second of half of the year.
Since completion of the Marathon Acquisition RockRose has made a
material positive impact in the Brae Area, both for the staff and
the assets. Our achievements, which have been realised in
conjunction with our joint venture partners, include:
-- Reserves have been increased;
-- Cessation of production (CoP) at Brae Alpha has been extended
by at least three years to 2030;
-- East Brae CoP has been extended by two years to 2023;
-- Brae Bravo has been successfully disembarked and the
knowledge gained from that exercise has materially benefitted other
assets in which RockRose is a partner; and
-- The working environment has improved with the implementation
of a rota change offshore and restructuring of the operational
leadership.
Commenting, Andrew Austin, Rockrose, Executive Chairman,
said:
"Our focus throughout this process has been to ensure the best
possible outcome for the Brae Area, the staff working on the
assets, and for the joint venture partners. We are proud of the
role we have played in furthering the Government's Maximising
Economic Recovery (MER) strategy in the short time we have operated
the assets. We look forward to working with TAQA to support a
smooth transition and to minimise any disruption once approval from
the Secretary of State has been obtained. For RockRose, this change
is financially and strategically neutral and we look forward to
seeing the assets continue to deliver for the Company and its
shareholders".
-ENDS-
Enquiries:
RockRose Energy plc +44 (0)20 3826 4800
Broker:
Hannam & Partners (Advisory)
LLP
Giles Fitzpatrick / Andrew Chubb +44 (0)20 7907 8500
Joint Brokers:
Whitman Howard
Hugh Rich / Nick Lovering +44 (0)20 7659 1261 / 1224
Cantor Fitzgerald
David Porter +44 (0)20 7894 7000
Financial PR:
Celicourt
Mark Antelme / Philip Dennis
/ Ollie Mills +44 (0)20 8434 2643
For further information, please visit the Company's website at
www.rockroseenergy.com
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contact rns@lseg.com or visit www.rns.com.
END
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