12th Feb 2019 15:33
LONDON (Alliance News) - RockRose Energy PLC on Tuesday said the production life of the Ross and Blake oil fields has been extended to at least 2029.
Shares in RockRose were up 8.5% at 700.00 pence on Tuesday.
Ross and Blake are located in the UK north sea, Ross is approximately 110 kilometres north-east of Aberdeen with Blake around 12 kilometres to the north east of Ross. RockRose has a 31% interest in these fields.
The production life of the Ross and Blake fields has now been extended to a minimum of 2029 from 2024 with incremental net proved and probable reserves of more than 4.2 million barrels of oil equivalent.
RockRose's proved and probable reserves from its UK and Netherlands assets, as at January 1, are 35.9 million barrels of oil equivalent, up 9.4 million barrels from previous updates.
RockRose currently estimates it has contingent resources of 15.0 million barrels of oil equivalent, taking the total proved and probable reserves plus contingent resources to 50.9 million barrels.
First gas at the Arran field in the UK North Sea is expected in the first quarter of 2021. RockRose's interest in Arran is 30%.
Moving to its Netherlands assets, RockRose said maintenance has completed on the F02a Hanze field, in which RockRose holds a 20% interest, bringing the field back to full production and raising RockRose's expected net 2019 production by between 150 and 200 barrels of oil equivalent per day to between 450 and 500 net barrels.
"The life of the majority of our assets continues to be extended, however we are successfully and efficiently progressing active decommissioning programmes where necessary in conjunction with our partners. Overall, we remain focussed on continuing to invest in our portfolio to extend field life where possible and to explore options for further value accretive acquisitions," said RockRose Executive Chair Andrew Austin.
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