2nd Jan 2019 11:49
LONDON (Alliance News) - RockRose Energy PLC on Wednesday said that lower oil prices are presenting further acquisition opportunities.
The company added that production from its current portfolio for 2019 remains between 10,000 to 12,000 barrels of oil equivalent per day.
Shares in the company were trading 11% higher at 604.74 pence each on Wednesday morning.
The oil and gas exploration company said production from UK based assets averaged 5,194 boepd through 2018, against a target production of 5,250 boepd. Group production, including the contribution from Dyas BV, averaged 10,772 boepd, with production in December averaging 11,200 boepd.
"We continue to invest in the organic growth of our portfolio, while also actively evaluating acquisition opportunities. The recent decline in the oil price, combined with the strength of our balance sheet and absence of any debt, potentially presents further value accretive acquisition opportunities for RockRose," Executive Chairman Andrew Austin said.
In 2018, the company integrated the acquisitions of Idemitsu, Egerton and Sojitz, which completed at the close of 2017 and closed further acquisitions of Dyas BV and a 30.4% interest in the Arran field.
The company remains debt free and had total cash in the bank of USD121.4 million as at December 31.
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