UK's RockRose To Buy Dutch Asset, Double in Size

Dutch family-owned industrial and trading firm SHV’s upstream arm Dyas is selling off Dyas BV, comprising its non-operated assets in the Netherlands to RockRose Energy for €107mn ($125mn). Most of the assets are in Dutch offshore gas fields. 

London-listed RockRose, headed by former shale explorer IGas CEO Andrew Austin, said May 24 the deal will add a 13mn barrels of oil equivalent of reserves net, with material upside, and 5,000 boe/d. It added that, post-completion, RockRose will have estimated combined 1P reserves of 23mn boe and pro-forma 2018 production in excess of 10,000 boe/d in the North Sea of which 60% is gas, the rest oil. 

RockRose said its acquisition will be funded from existing cash resources and no shareholder approval is required, and has an effective date of January 1 2018.

Dyas CEO Robert Baurdoux said: “After a presence of over 50 years in the Netherlands, the divestment of our Dutch entities is part of a strategic refocusing of our business. RockRose is well placed to take-on the stewardship of the Dutch assets, allowing Dyas to pursue new investment opportunities in the UK, Norway, Denmark and Malaysia."  

SHV group retains a substantial liquid petroleum gas (LPG) distribution business, through its SHV Energy arm, which includes the Primagaz and Calor Gas brands in the UK and mainland Europe respectively.

Assets being acquired by RockRose from Dyas BV include:

Map of existing RockRose assets (below showing gas fields in red and oil fields in green) and the table above are courtesy of the company