24th May 2018 12:46
LONDON (Alliance News) - RockRose Energy PLC on Thursday said it signed an agreement with SHV Holdings NV to buy Dyas BV for EUR107.0 million.
Shares in RockRose Energy were up 12% at 416.88 pence on Thursday.
The oil & gas company said Dyas owns non-operating gas and condensate assets in the Netherlands, both off-shore and on-shore. The purchase will be made using existing cash facilities, RockRose added.
RockRose Energy said it expects the acquisition to add a further 13 million barrels of oil equivalent of net developed reserves with the potential to produce over 5,000 barrels of oil equivalent per day.
Looking ahead, the company said that its reserve base upon completion of the acquisition has a potential to maintain current production for at least the next five years.
"On completion this acquisition grows our North Sea business to a level of production that is over 10,000 barrels of oil equivalent per day and in addition to providing significant free cash flow diversifies the portfolio and strengthens the company's position," said RockRose Chief Executive Andrew Austin.
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