Energy Voice | RockRose snaps up Dana’s stake in North Sea field

Oil firm RockRose Energy has struck a deal to buy Dana Petroleum’s stakes in a central North Sea field development project.

The agreement will give London-headquartered RockRose 20.43% equity in the Arran field for a “nominal consideration”.

Arran is expected to be developed as a subsea tie-back to Shell’s Shearwater platform.

A field development plan should be filed with the Oil and Gas Authority by the end of September 2018.

RockRose will not operate Arran.

Once on stream, the field will add 3,500 barrels of oil per day worth of production to RockRose’s portfolio.

RockRose executive chairman Andrew Austin 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.”

The other partners on Arran are Shell, with 23.68%, Zennor, 47.36%, and Dyas, 8.53%.

RockRose, listed on the London Stock Exchange, has been busy doing deals in the North Sea in the last 12 months.

The company expects complete the £94 million acquisition of Dyas BV in September.

Late last year, it wrapped up the deal for Egerton Energy Ventures, giving it a 27.8% non-operated interest in the Galahad field and 8.33% of Mordred in the southern North Sea.

The purchase of Sojitz Energy Project gave RockRose stakes in three assets, while its swoop for Idemitsu Petroleum added interests in 10 North Sea fields.

Earlier in 2018, it pulled out of a deal to acquire 5.16% of the Scott field and 2.36% of Telford from Maersk Oil.

 

 

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