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October 19, 2017updated 26 Oct 2021 11:27am

RockRose Energy signs deal to acquire Idemitsu Petroleum UK

RockRose Energy has signed an agreement to purchase the entire issued share capital of Idemitsu Petroleum UK along with its assets from Japanese company Idemitsu Kosan.

RockRose Energy has signed an agreement to purchase the entire issued share capital of Idemitsu Petroleum UK along with its assets from Japanese company Idemitsu Kosan.

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The financial terms of the acquisition have not been disclosed.

RockRose Energy stated to fund the transaction from the existing facilities and cash resources of the company.

RockRose chairman Andrew Austin said: “RockRose is continuing to deliver on its stated strategy of building a business through the acquisition of mature producing assets.

“We believe that this acquisition is a significant one for the company and that this portfolio also has a lot of potential for extended field-life and gives Rockrose access to significant tax losses.

“We believe that this portfolio has a lot of potential for extended field-life and gives Rockrose access to significant tax losses.”

“We continue to review further acquisition opportunities in North West Europe and, post completion of this along with the previously announced Maersk, Sojitz and Egerton transactions by the end of this year, will have established a material business in the North Sea, set to deliver value to our shareholders.”

Idemitsu Petroleum UK holds a significant working interest in multiple producing assets located in the North Sea.

The assets include Ross, Blake, Tain, Nelson, Howe, Balmoral, Stirling, Beauly, Burghley and Galley fields.

With these assets, all Idemitsu Petroleum UK employees and its premises in London will be transferred to RockRose Energy, thereby strengthening the latter’s internal expertise in maintaining the acquired assets and the management of the wider portfolio.

After the completion of this acquisition, subject to confirmation from the UK Oil and Gas Authority, RockRose will have a projected 6,200boepd-7,000boepd of production on an aggregated basis next year.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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