RockRose Energy has just signed a new contract with a UK company

RockRose Energy plc (RockRose) has announced its signing of a sale and purchase agreement to acquire the entire issued share capital of Idemitsu Petroleum UK Limited (Idemitsu UK) from Idemitsu Kosan Co.

The acquisition will be funded out of the existing facilities and cash resources of the company, and is conditional upon confirmation from the UK Oil and Gas Authority.

It is said to bring with it a number of key employees and its premises in London, which will enhance RockRose’s continuity on assisting with the management of the wider portfolio.

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

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

“We continue to review further acquisition opportunities 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 to our shareholders.”

The acquisition constitutes a reverse takeover for the purposes of the listing rules, the company has requested that the UK Listing Authority to suspend the listing of the shares with immediate effect.

Further details and updates on the acquisition are to be released in the future.