RockRose To Buy into UK Arran Field

UK independent RockRose Energy said August 9 it has agreed to buy Dana Petroleum’s 20.43% stake in the Arran gas-condensate field for "a nominal consideration".

The acquisition covers blocks, 23/11a, 23/16b and 23/16c of the UK central North Sea. RockRose will fund its share of the planned development of the Arran field through its existing cashflow.

It is anticipated that the field will be developed as a subsea tie-back to the Shell operated Shearwater platform. RockRose said the Arran field development plan is expected to be filed with the UK Oil and Gas Authority by end-September 2018. Reports indicate it may start up in 2021.

RockRose said under the deal it will add a further 5.7mn boe 2P Reserves and 3,500 barrels of oil equivalent per day of initial production, post-development. RockRose will be partnered in the field by Shell, Zennor and Dyas. Whereas Dana was Arran operator, RockRose said it would not be – but did not say which company would be.

Three months ago RockRose reached a deal to buy Dyas’ non-operated gas production assets on- and offshore the Netherlands plus some minor onshore oil assets there from its Dutch parent SHV for €107mn ($125mn); RockRose's size will double upon its completion. 

Dana Petroleum is a wholly owned subsidiary of South Korean state-owned Korea National Oil Corporation.