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RockRose Energy shares rise as it extends Ross & Blake lifespan

“The life of the majority of our assets continues to be extended," Andrew Austin said

oil and gas operations
The extension adds 4.2mln barrels of net reserves

RockRose Energy PLC (LON:RRE) shares climbed in Tuesday’s early deals as it told investors that the production life of the Ross & Blake fields is being extended to at least 2029, from 2024, and, that in turn unlocks additional reserves.

Proved and probable (2P) reserves across the group amounted to 35.9mln barrels oil equivalent at the end of January, representing a 9.4mln barrel increase from the prior reserve update.

The anticipated extension of the 30% owned Ross & Blake fields will add 4.2mln barrels of 2P reserves.

READ: Tuesday’s stock market movers report

RockRose, in its broader portfolio update, also highlighted that the Arran development is progressing to schedule, the first gas is planned for the first quarter of 2021 - this project hosts some 8.6mln barrels of net reserves.

Elsewhere, the Tain field is progressing towards the delivery of a field development plan by the end of 2019. A final investment decision would subsequently follow “soon afterwards”.

"The extension of field life at Ross and Blake, supporting the Tain development, further grows the group's 2P reserve base, demonstrating the impact of our continued investment in organic growth,” said Andrew Austin, RockRose executive chairman.

“As a result, the company today holds 2P+2C of at least 50.9million barrels of oil equivalent in the portfolio.”

Austin added: “The development of Arran remains on track with capex commitments being funded entirely from cash flow.

“The life of the majority of our assets continues to be extended, however, we are successfully and efficiently progressing active decommissioning programmes where necessary in conjunction with our partners.”

At the Dana-operated Hanze oil field, RockRose highlighted that maintenance has completed with pumps replaced for the A02 and A04 wells to bring the field back to full production. The company anticipates 150-220 boepd of additional net production, taking it to 450-500 boepd.

RockRose shares rose 38p or 5.89% to change hands at 683p.

Quick facts: RockRose Energy PLC

Price: 1710 GBX

Market: LSE
Market Cap: £223.85 m

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