RockRose Energy wraps up Dyas acquisition

Dyas' UK offshore assets; Source: Dyas

UK-based RockRose Energy has completed the acquisition of Dyas B.V., a wholly owned subsidiary of a family-owned Dutch company SHV Holdings N.V.

RockRose Energy signed a sale and purchase agreement in May to acquire the entire issued and to be issued share capital of Dyas B.V., which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR €107 million ($123.4 million, at current rates).

The company said on Tuesday that the effective date of the Dyas acquisition was January 1, 2018.

On this basis, pro-forma production for the year to date for the group was circa 11,000 boepd, split equally between oil and gas.

RockRose added that its cash at bank at completion was $111 million, $52.5 million of which were restricted. The working capital adjustment attributable to the acquisition of Dyas B.V was EUR 77.3 million ($89.15 M).

Andrew Austin, Executive Chairman of RockRose Energy, said: “The completion of this acquisition is a major milestone for RockRose as we build the North Sea-focused business of size and scale.

“The company continues to review potential acquisitions while maximizing opportunities within our existing asset base.”

According to the company’s previous announcements, the acquisition adds a further 13 mmboe net developed reserves (with material undeveloped and prospective resource upside) and over 5,000 boepd of production to the group.

Post completion, RockRose estimated a combined group 1P reserves of approximately 23 mmboe and 2018 pro-forma production in excess of 10,000 boepd. The group’s production will be circa 60% gas and 40% oil.

It is worth reminding that RockRose’s portfolio includes assets obtained through acquisitions of Idemitsu Petroleum UK Limited, Egerton Energy Ventures Limited, and Sojitz Energy Project Limited, all completed in December 2017.

However, RockRose withdrew from its deal with Maersk Oil in January 2018 for the purchase of interest in two offshore fields, Scott and Telford.

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