RockRose Energy plc Acquisition of 100% interest in the Cotton Field (8285B)
04 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMRRE
RNS Number : 8285B
RockRose Energy plc
04 February 2020
FOR IMMEDIATE RELEASE 4 February, 2020
ROCKROSE ENERGY PLC
("RockRose")
Acquisition of 100% interest in the 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.
A draft Field Development Plan ("FDP") has been prepared by
Speedwell for submission to the OGA. Key contractors have been
identified and engagement with both of them and the owners of the
export infrastructure, anticipated to be used, is on-going. Prior
to taking FID, RockRose Energy will carry out further studies to
ensure that both the subsurface delivery and the project economics
are robust, particularly given the current challenging gas
price.
The Cotton field lies 100 Km east of Scarborough between the
Kilmar and Garrow fields in both of which RockRose holds a 15%
interest.
Andrew Austin, Executive Chairman of RockRose, said:
"This acquisition gives RockRose the option of a significant
amount of production and reserves in an area of the Southern North
Sea Gas Basin in which we already have other producing assets. We
look forward to carrying out further evaluation of the discovery
prior to committing to FID."
Richard T Strachan CEO of Speedwell Energy Limited said:
"Having identified the potential in Cotton some three years ago,
which was a relinquished asset going nowhere, to one now where we
have a draft Field Development Plan and a delivery team in place
capable of bringing Cotton through to First Gas, we are delighted
that RockRose will now take over Cotton and are looking at how to
potentially take it forward and we wish them all the best as they
do so."
-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
www.rockroseenergy.com
Speedwell Energy
Richard T Strachan +44 (0)7917077567
www.speedwell-energy.com +44 (0)20 8434 2643
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END
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