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.”