RockRose Energy has agreed a deal to acquire Egerton Energy Venture's share capital, in 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, a new entrant in the North Sea, says it has 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.
The firm is also progressing towards the completion of a deal with Maersk Oil North Sea to buy interests in the Scott (5.16%) and Telford (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. However, RockRose hasn't been able to buy a stake in the onshore Wytch Farm (7.43%) field, which was part of the deal with Maersk, after partners on it exercised pre-emption rights.
Together, the deals, which are subject to regulatory approval, which bring RockRose about 1400 boe/d production.
Andrew Austin (executive chairman) said: "We are delighted with the progress we have made to date in executing our stated strategy. This is an exciting time for the Company and we look forward to closing the acquisition of these assets as well as accessing our pipeline of new opportunities from a well-developed platform that we expect to be producing in excess of 1400 boe/d.'
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.