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RockRose Energy plc - Development drilling campaign

RNS Number : 4353W
RockRose Energy plc
11 December 2019
 

FOR IMMEDIATE RELEASE                                                                                                            11 December, 2019

 

ROCKROSE ENERGY PLC

 

("RockRose")

 

Development drilling campaign

 

Rockrose Energy plc (LSE: RRE) (the "Company"), the independent oil and gas company, is pleased to announce the Noble Houston Colbert jack-up drilling rig is preparing to drill the first of two planned infill development wells on West Brae. RockRose is the operator of West Brae, in which it has a 40% working interest.

 

Designated WPGZ and WPOZ, these wells are designed to access 2P reserves of over 8 MMbbl (gross) and to support Brae Complex output by up to 6,000 bopd (gross). WPGZ is expected to come onstream before the end of the first quarter of 2020 while first oil from WPOZ is anticipated in the second quarter of 2020.

 

The drilling of WPGZ marks the start of a significant period of development activity for RockRose, with the Company set to participate in at least seven wells before the end of 2020. These will help drive production growth over the next two years and further investment in growth projects is anticipated in 2021 and 2022.

 

A four well drilling campaign is scheduled to commence at the Shell-operated Arran gas/condensate field development in the first quarter of 2020. RockRose has a 30.4% working interest in Arran, which remains on schedule for first gas in early 2021. In addition, the first of two infill wells planned as part of the Blake life extension project will be drilled in the second half of 2020. RockRose has a 30.8% working interest in Blake.

 

RockRose plans to issue a further operational update in January.

 

Commenting, Andrew Austin, Rockrose, Executive Chairman, said:

 

"The spudding of WPGZ will represent just the start of a sustained period of drilling activity for RockRose. This will add significant production and value to the Company, as we continue to deliver on our strategy; growing production and generating surplus cashflow that can be reinvested to maximise returns for shareholders".

 

-ENDS-

 

Enquiries:

 

 

Rockrose Energy plc

+44 (0)20 3826 4800

 

 

Broker:

Hannam & Partners (Advisory) LLP

Giles Fitzpatrick / Andrew Chubb

 

+44 (0)20 7907 8500



 

 

 

Joint Brokers:

Whitman Howard

Hugh Rich / Nick Lovering

 

+44 (0)20 7659 1261 / 1224


 

Cantor Fitzgerald

David Porter

 

+44 (0)20 7894 7000

 

 

Financial PR:

Celicourt

Mark Antelme / Philip Dennis / Ollie Mills

 

+44 (0)20 8434 2643

 

For further information, please visit the Company's website at www.rockroseenergy.com


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: RockRose Energy PLC

Price: 1130

Market: LSE
Market Cap: £148.19 m
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