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FOR IMMEDIATE RELEASE 10 March 2020
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 first of two infill development wells at West Brae (RockRose 40% and operator) has successfully completed and is delivering in line with expectations.
Following completion of this well, the Noble Houston Colbert jack-up drilling rig spudded the second planned well at West Brae yesterday evening. Designated WPGZ and WPOZ, the wells are designed to access over 3 MMbbl of net 2P reserves and add net production of 2,500 bopd.
The drilling of the two infill wells forms part of a wider programme of planned activity, covering seven wells over the course of 2020. The programme is aimed at enhancing production by over 8,500 boepd (net) this year and next, as the Company seeks to convert 2C resources to 2P reserves and deliver extended field life.
At the end of February, Rockrose was debt-free with net cash of £272.1 million (equivalent to £20.75 per share) of which £39.5 million was restricted. Final results for 2019 are expected to be published the week beginning 23rd March 2020.
Commenting, Andrew Austin, Rockrose, Executive Chairman, said:
'The drilling of the first of two RockRose-operated infill wells at West Brae has been completed as planned. The rig has now moved to the second well, which remains on target to deliver first production in Q2. These wells form part of a wider programme aimed at creating significant value for shareholders, including increased production, the conversion of resources to reserves and extending field life.'
-ENDS-
Enquiries: | |
Rockrose Energy plc | +44 (0)20 3826 4800 |
Financial advisor: Hannam & Partners (Advisory) LLP Giles Fitzpatrick / Andrew Chubb | +44 (0)20 7907 8500 |
Broker: Whitman Howard Hugh Rich / Nick Lovering | +44 (0)20 7659 1261 / 1224 |
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.
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Development drilling campaign - RNS
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Rockrose Energy plc published this content on 10 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2020 07:03:11 UTC
