UK-based RockRose Energy has completed the acquisition of Dyas B.V., a wholly owned subsidiary of a family-owned Dutch company SHV Holdings N.V.
RockRose Energy signed a sale and purchase agreement in May to acquire the entire issued and to be issued share capital of Dyas B.V., which owns the non-operated, Netherlands gas and condensate producing assets of the Dyas group of companies, for a total consideration of EUR €107 million ($123.4 million, at current rates).
The company said on Tuesday that the effective date of the Dyas acquisition was January 1, 2018.
On this basis, pro-forma production for the year to date for the group was circa 11,000 boepd, split equally between oil and gas.
RockRose added that its cash at bank at completion was $111 million, $52.5 million of which were restricted. The working capital adjustment attributable to the acquisition of Dyas B.V was EUR 77.3 million ($89.15 M).
Andrew Austin , Executive Chairman of RockRose Energy, said: “The completion of this acquisition is a major milestone for RockRose as we build the North Sea-focused business of size and scale.
“The company continues to review potential acquisitions while maximizing opportunities within our existing asset base.”
According to the company’s previous announcements, the acquisition adds a further 13 mmboe net developed reserves (with material undeveloped and prospective resource upside) and over 5,000 boepd of production to the group.
Post completion, RockRose estimated a combined group 1P reserves of approximately 23 mmboe and 2018 pro-forma production in excess of 10,000 boepd. The group’s production will be circa 60% gas and 40% oil.
It is worth reminding that RockRose’s portfolio includes assets obtained through acquisitions of Idemitsu Petroleum UK Limited, Egerton Energy Ventures Limited, and Sojitz Energy Project Limited , all completed in December 2017.
However, RockRose withdrew from its deal with Maersk Oil in January 2018 for the purchase of interest in two offshore fields, Scott and Telford.