RockRose closer to Maersk assets acquisition

OE Staff
Thursday, June 15, 2017

The UK's Oil and Gas Authority has cleared Maersk Oil North Sea to assign its interest in license P218 to new independent RockRose Energy.

The license contains the Scott (Maersk 5.16%) and Telford (Maersk 2.36%) fields.

Scott and Telford are operated by Nexen through the Scott platform, which came onstream in 1993, about 188km northeast of Aberdeen in about 142m water depth. 

RockRose was listed on the junior stock market in January this year. Andrew Austin, its company's executive chairman, was head of UK shale gas firm IGas, which sold out to Ineos last year.

Austin said in August the RockRose was working hard to acquire opportunities and that the firm had looked at more than 35 targets. 

"We have submitted bids for a number of assets," he said at the time. "The market for assets continues to be illiquid. Many assets are offered for sale but there is often a lack of realism when it comes to value and few transactions are actually closing. "However, we believe that the continued downturn in the market and the Brexit vote is increasing the number of reluctant but forced sellers of assets."

Earlier this year, RockRose also agreed a deal to acquire Egerton Energy Venture's share capital, a move which will see it take over the firm's non-operated interests in the Galahad (27.8%) and Mordred (8.33%) gas fields in the southern North Sea.

RockRose also signed a non-binding heads of terms to acquire a subsidiary of an as yet un-named major trading company, which holds small non-operated interests in gas fields in the Southern North Sea. 

Categories: North Sea Europe Maersk

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