RockRose Completes Dutch Deal

UK independent RockRose Energy said October 2 that it had completed its acquisition of Dyas BV, the upstream arm of Dutch family-owned SHV.

The €107mn ($125mn) deal was announced in May 2018 and effectively doubles the size of RockRose. Most of the acquired assets are in Dutch offshore gas fields.  

Effective date for the Dyas acquisition was January 1 2018. Pro-forma production for the year to date for the group was circa 11,000 barrels of oil equivalent per day, split equally between oil and gas.

RockRose said October 2 it has cash at bank at completion of $111mn, of which $52.5mn is restricted. Working capital adjustment attributable to the acquisition of Dyas BV was €77.3mn. RockRose executive chairman Andrew Austin said: "Completion of this acquisition is a major milestone for RockRose as we build a North Sea focused business of size and scale." He was previously headed UK shale gas explorer IGas.

In August 2017, the UK firm agreed a minor acquisition from Japan's Sojitz while one year later it agreed to buy for a nominal sum Dana Petroleum’s stake in a gas-condensate field pending development.