RockRose Energy plc Acquisition of Dyas BV (1648P)

TIDMRRE

RNS Number : 1648P

RockRose Energy plc

24 May 2018

The following amendment has been made to the 'Acquisition of Dyas BV' announcement released on 24 May 2018 at 07.00 under RNS No 1068P.

The headings in the table in the appendix were originally omitted and have been inserted.

All other details remain unchanged.

The full amended text is shown below.

24 May 2018

RockRose Energy plc ("RockRose", the "Group" or the "Company")

Acquisition of Dyas BV for EUR EUR107m: Non-operated gas production in the Netherlands

RockRose Energy plc is pleased to announce that it has signed a Sale and Purchase Agreement to acquire the entire issued and to be issued share capital of Dyas B.V. (the "Acquisition"), which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR EUR107 million. The Dyas group of companies is wholly owned by SHV Holdings N.V., a family-owned Dutch multinational.

The Acquisition, which has an effective date of 1st January 2018, will be funded from existing cash resources with no debt or equity issuance or shareholder approval required. There will be a significant working capital adjustment at completion.

The Acquisition adds a further 13 MMboe net developed reserves (with material undeveloped and prospective resource upside) and over 5,000 boepd of production to the Group. Post completion RockRose estimates combined Group 1P reserves of approximately 23 MMboe and 2018 pro-forma production in excess of 10,000 boepd. The Group's production will be circa 60% gas and 40% oil.

Both the existing asset base and those assets to be acquired have incremental opportunities which the Board believe could add significantly to the Group's reserve base and maintain current production for at least the next five years, with Rockrose's portion of the associated capex to be funded from the Group's operating cash flow.

Andrew Austin, Executive Chairman of RockRose Energy said:

"On completion this acquisition grows our North Sea business to a level of production that is over 10,000 boepd and in addition to providing significant free cash flow diversifies the portfolio and strengthens the Company's position. Management sees significant upside in the combined portfolio and is confident RockRose can organically maintain or grow profitable production from these levels without necessitating additional funding."

Robert Baurdoux, CEO of Dyas, said:

"After a presence of over 50 years in the Netherlands, the divestment of our Dutch entities is part of a strategic refocussing of our business. RockRose Energy is well placed to take-on the stewardship of the Dutch assets, allowing Dyas to pursue new investment opportunities in the UK, Norway, Denmark and Malaysia."

GMP FirstEnergy acted as exclusive financial advisor to Dyas.

Competent person: Technical information in this announcement has been reviewed by Dr Richard Benmore, B.Sc, M. Sc, Ph.D, who is a Director of the Company. Richard has 35 years of experience in the Oil and Gas industry with Conoco, Oryx Energy, Nimir Petroleum, EnCana, Nexen Petroleum and IGas Energy.

End

Enquiries:

   Rockrose Energy plc                                               [phone] 

Broker:

Hannam & Partners (Advisory) LLP

   Giles Fitzpatrick / Andrew Chubb                               [phone] 

Financial PR:

Camarco

   Billy Clegg                                                                   [phone] 

Owen Roberts

Ollie Head

For further information, please visit the Company's website at www.rockroseenergy.com.

Appendix

The assets being acquired include

 
 Location            Field/Concession      Operator                     Dyas Interest 
                                                                         (%) 
------------------  --------------------  ---------------------------  ------------------ 
 Oil Netherlands         P15 Rijnfield                       TAQA                   45.7 
------------------ 
      F2-Hanze                                     Dana                             20.0 
 --------------------  ----------------------------------------------  ------------------ 
 Offshore 
  Gas Netherlands        A/B Blocks                        Petrogas                 14.6 
------------------ 
      K4 & K5 Blocks                               Total                            11.7 
 
      F15A, B                                      Total                            8.8 
      J3C                                          Total                            1.7 
      P6 AB Field                               Wintershall                         15.0 
      P6-D                                      Wintershall                         30.6 
      P9-A+B Unit                               Wintershall                         11.6 
      Q1-B Unit                                 Wintershall                         2.6 
      Q4                                        Wintershall                         10.4 
      Q4B Unit                                  Wintershall                         10.3 
      F2 Pliocene                                  Dana                             12.0 
      Markham Unit                               Centrica                           4.4 
      P15/P18                                      TAQA                            4 to 9 
      K18b                                      Wintershall                         10.0 
      Lambda                                    Wintershall                         10.5 
 --------------------  ----------------------------------------------  ------------------ 
 Onshore 
  Gas Netherlands        Bergen                              TAQA                   12.0 
------------------ 
      Groet Oost                                   TAQA                             20.0 
 
      Alkmaar PGI                                  TAQA                             12.0 
 --------------------  ----------------------------------------------  ------------------ 
 

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May 24, 2018 03:56 ET (07:56 GMT)