24th Jul 2019 10:17
(Alliance News) - Shares in RockRose Energy PLC jumped on Wednesday morning as the company was readmitted to trading on the London Stock Exchange.
RockRose share price more than doubled to 1.900.25 pence each in morning trade.
The oil & gas production and infrastructure company said its entire issued share capital of 13.1 million shares has been readmitted on the standard segment and will be trading on London's Main Market. The company's ISIN remained unchanged.
Shares in RockRose were suspended following its USD95 million reverse takeover pact to buy Marathon Oil UK LLC and Marathon Oil West of Shetland Ltd from subsidiaries of Marathon Oil Corp.
The deal closed earlier in July and added 28.4 million barrels of oil equivalent to the company's proved and probable reserves, or 2P reserves, increasing the company's total 2P reserves to 62.9 million boe. Production for the assets acquired by RockRose is around 11,000 barrels of oil equivalent per day in 2019 to date, taking the company's total net production for 2019 to date to around 22,000 boepd on a pro forma basis.
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