RockRose Energy : Change of Operatorship of Brae Area

RNS Number : 1678A RockRose Energy plc 17 January 2020

FOR IMMEDIATE RELEASE

17th January 2020

ROCKROSE ENERGY PLC

("RockRose")

Change of Operatorship of Brae Area

RockRose Energy plc (LSE: RRE) (the "Company"), the independent oil and gas produc on and infrastructure company, announces, subject to receipt of approval by the Secretary of State, it will be passing operatorship of the Brae Area to TAQA Bratani ("TAQA"). This follows court proceedings brought by TAQA and the other joint venture partners, JX Nippon and Spirit Energy in December 2019. The proceedings related to the no ce of discharge served on Marathon Oil UK (MOUK), as operator. There is no strategic or financial consequence to RockRose, as no partner under a Joint Operating Agreement (JOA) can benefit from being operator.

The no ce of discharge was served on MOUK prior to its acquisi on by RockRose on 1s t July 2019 and the possibility of

this outcome was referred to in the prospectus published by the Company on 19th July 2019. Throughout the process, subsequent to the no ce having been received, RockRose has remained commi ed to ensuring the best possible outcome for the Brae Area, its staff, and for the joint venture partners.

RockRose will work with TAQA during the transi on process to ensure there is no disrup on to ongoing opera ons (including the current drilling programme at West Brae), and to ensure staff are fully supported throughout. We expect the handover to be completed in the second of half of the year.

Since comple on of the Marathon Acquisi on RockRose has made a material posi ve impact in the Brae Area, both for the staff and the assets. Our achievements, which have been realised in conjunc on with our joint venture partners, include:

• Reserves have been increased;
• Cessation of production (CoP) at Brae Alpha has been extended by at least three years to 2030;
• East Brae CoP has been extended by two years to 2023;
• Brae Bravo has been successfully disembarked and the knowledge gained from that exercise has materially benefitted other assets in which RockRose is a partner; and
• The working environment has improved with the implementa on of a rota change offshore and restructuring of the operational leadership.

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

"Our focus throughout this process has been to ensure the best possible outcome for the Brae Area, the staff working on the assets, and for the joint venture partners. We are proud of the role we have played in furthering the Government's Maximising Economic Recovery (MER) strategy in the short me we have operated the assets. We look forward to working with TAQA to support a smooth transi on and to minimise any disrup on once approval from the Secretary of State has been obtained. For RockRose, this change is financially and strategically neutral and we look forward to seeing the assets continue to deliver for the Company and its shareholders".

-ENDS-

Enquiries:

RockRose Energy plc

[phone]

Broker:

Hannam & Partners (Advisory) LLP

Giles Fitzpatrick / Andrew Chubb

[phone]

Joint Brokers:

Whitman Howard

Hugh Rich / Nick Lovering

[phone] / 1224

Cantor Fitzgerald
David Porter	[phone]

Financial PR:

Celicourt

Mark Antelme / Philip Dennis / Ollie Mills

[phone]

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

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