RockRose Energy plc Development drilling campaign (4353W)

TIDMRRE

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 rns@lseg.com or visit www.rns.com.

END

DRLEAFAEFLKNFAF

(END) Dow Jones Newswires

December 11, 2019 02:00 ET (07:00 GMT)

Rockrose Energy (LSE:RRE)
Historical Stock Chart
From Apr 2024 to May 2024