2nd Oct 2018 09:47
LONDON (Alliance News) - Oil & gas firm Rockrose Energy PLC said Tuesday it has completed its acquisition of Dyas BV as it continues to build scale in its North Sea assets.
In May, Rockrose agreed to acquire Dyas for EUR107.0 million from its owner SHV Holdings NV. The firm explained the working capital adjustment due from the Dyas deal was EUR77.3 million. Dyas owns off-shore and on-shore non-operating gas and condensate assets in the Netherlands.
The acquisition was effective from the start of January 2018. Consequently, production on a pro-forma basis for the year to date was around 11,000 barrels of oil equivalent per day. This was split equally between oil and gas.
After the deal, Rockrose had USD111 million in cash at the bank. Of this, USD52.5 million is restricted.
"The completion of this acquisition is a major milestone for RockRose as we build a North Sea focused business of size and scale," Rockrose Chief Executive Officer Andrew Austin said. "The company continues to review potential acquisitions while maximising opportunities within our existing asset base."
Shares in Rockrose were 3.8% higher at 508.44 pence on Tuesday.
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