10th Mar 2020 14:27
(Alliance News) - Rockrose Energy PLC on Tuesday said it has completed drilling of the first of two infill wells at West Brae oilfield in Scotland and the rig has now moved to the second well, which remains on target to deliver first production in the second quarter of 2020.
The company, which has 40% stake and serves as the operator, said the second West Brae well was spudded on Monday. The wells, designated WPGZ and WPOZ, are designed to access over 3 million barrels of net 2P reserves and add net production of 2,500 barrels of oil per day.
The drilling of the two wells forms part of a wider programme of planned activity, covering seven wells over the course of 2020, the company said. The drilling programme is aimed at enhancing the company's production by over 8,500 barrels of oil equivalent per day in 2020 and 2021.
Rockrose Chair Andrew Austin said: "The drilling of the first of two RockRose-operated infill wells at West Brae has been completed as planned. The rig has now moved to the second well, which remains on target to deliver first production in the second quarter. These wells form part of a wider programme aimed at creating significant value for shareholders, including increased production, the conversion of resources to reserves and extending field life."
In January, RockRose said it will no longer operate the Brae Are oilfield and instead Abu Dhabi state-owned company TAQA Bratani Ltd will become the field's operator.
RockRose became the operator of the asset in June 2019, after buying US firm Marathon Oil Corp's UK subsidiary as part of a deal worth USD95 million.
The transfer of Brae Are operatorship relates to a notice that Marathon Oil UK received from TAQA, JX Nippon, and Spirit Energy - its partners at the oilfield. The joint-venture partners called on Marathon UK to be discharged as operator, with TAQA appointed in its place.
RockRose shares were 5.6% higher at 938.00 pence each in London on Tuesday afternoon.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
RRE.L