RockRose Energy plc - Operations Update
FOR IMMEDIATE RELEASE
As previously announced, the FCA's moratorium on publishing financial statements means that
The Company remains well positioned, despite current oil market uncertainties. RockRose has a strong balance sheet, with no debt and cash at the close of business on 25th
The Company has hedging in place to support its current capital expenditure commitments. RockRose hedged 455,000 barrels of oil hedged at
The Company has previously guided that capital expenditure in 2020 would be c.
Based on the strength of the Company's cash position, the hedging it has in place, and the flexibility of its capital expenditure commitments, the Board of Directors still expects to recommend the payment of a final dividend of 25p per share, bringing the total for 2019 to 85p.
The Company has not experienced an adverse impact on its operations as a result of COVID-19. The precautionary and contingency measures that have been put in place, on both operated and non-operated assets, are working well. In the Brae field, which we operate, we currently have no staff with symptoms and no staff in isolation. The safety and wellbeing of the Company's staff remains of paramount importance and RockRose is working closely with the authorities and other operators on this matter.
A further announcement regarding our final results will be made once a revised date for publication has been determined, following consultation with the FCA and our advisors.
Commenting, Andrew Austin, Rockrose, Executive Chairman, said:
"Following the FCA's request for a short-term moratorium on the publication of preliminary financial statements, I wanted to take this opportunity to update and reassure investors and staff of the Company's strength in what are unprecedented times.
RockRose remains well placed to navigate the current economic situation, with the business underpinned by a strong balance sheet, hedging, and management's ability to reduce capital expenditure this year and next, if required."
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+44 (0)20 3826 4800
Giles Fitzpatrick / Andrew Chubb
+44 (0)20 7907 8500
Hugh Rich / Nick Lovering
+44 (0)20 7659 1261 / 1224
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Mark Antelme / Philip Dennis / Ollie Mills
+44 (0)20 8434 2643
This information is provided by RNS, the news service of the
Quick facts: RockRose Energy PLC
Market Cap: £148.19 m
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