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.

The financial terms of the acquisition have not been disclosed.

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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.