RockRose Buys Out Dana from Arran Development

RockRose Energy has signed a deal to acquire a 20.43% interest in blocks, 23/11a, 23/16b and 23/16c, which contain the Arran field in the UK Central North Sea, from Dana Petroleum.

RockRose will fund its share of the planned development of the Arran field through the Group’s existing cash flow.

RockRose will be partnered in the field by Shell UK, Zennor North Sea and Dyas UK. The acquisition does not involve operatorship of the development.

It is anticipated that the field will be developed as a subsea tie-back to the Shell operated Shearwater platform, with field development plan (FDP) filed with the OGA by end of September 2018.

Completion of the transaction is subject to OGA and other usual partner consents however the company said it is not aware of any reasons for this to be withheld.

Andrew Austin, executive chairman of RockRose, said: “This is an exciting addition to RockRose’s portfolio providing a near-term development opportunity which adds significantly to the Group’s reserves and future production.

“This once again demonstrates the Group’s ability to quickly access, progress and execute transactions providing an invaluable first mover advantage when seeking highly value accretive transactions.”

Share this article

Follow Subsea World News

Events>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Subsea Valley

This yearly gathering has grown from 200 to 2000 delegates in only 5 years and is now one of the leading energy conferences in Europe…

read more >

Shallow and Deepwater Mexico Oil and Gas Conference

Shallow and Deepwater Mexico is a community gathering for the offshore sector focusing on the future of offshore in Mexico…

read more >

OMC 2019

OMC is the largest exhibition and conference dedicated to the Offshore, and Oil & Gas Industry…

read more >

SubOptic 2019

SubOptic is the longest running and most comprehensive conference series in the world for the submarine fiber industry…

read more >