RockRose Energy has signed deal to acquire Idemitsu Petroleum from Japan's Idemitsu Kosan.
The Idemitsu UK's assets comprise a substantial number of producing fields in the North Sea, which include: 30.8% stakes in Repsol's Ross and Blake fields, 50% in Repsol's Tain field, 7.5% in Shell's Nelson field, 20% in Shell's Howe field, 6.8% in Premier Oil's Balmoral field, 16% in the Stirling, also operated by Premier, 40% in Beauly operated by Repsol, 41.1% in Burghley, operated by Repsol, 17.4% in Galley, operated by Repsol.
The acquisition will also add staff and premises in London to RockRose's assets. On closure of the deal, and previously announced transactions, RockRose will have a projected 6200-7000 boe/d of production in 2018 on an aggregated basis.
RockRose chairman Andrew Austin said: "RockRose is continuing to deliver on its stated strategy of building a business through the acquisition of mature producing assets. We believe that this acquisition is a significant one for the company and that this portfolio also has a lot of potential for extended field life and gives Rockrose access to significant tax losses."
"We continue to review further acquisition opportunities in North West Europe and, post completion of this along with the previously announced Maersk, Sojitz and Egerton transactions by the end of this year, will have established a material business in the North Sea, set to deliver value to our shareholders."