RockRose Acquires the Cotton Gas Field in the Southern North Sea
LSE-listed RockRose Energy Plc has entered into an agreement with privately held Speedwell Energy Ltd. to acquire its 100% interest in the Cotton gas field located in the UK’s Southern North Sea Gas Basin. Under the terms of the agreement, RockRose will pay Speedwell a limited initial consideration, with the larger part of consideration becoming due at Final Investment Decision (FID). Previously known as the Carna discovery, the field was discovered in 2009 by Centrica, and lies 100 km east of Scarborough between the Kilmar and Garrow fields operated by Alpha Petroleum Resources Ltd., in which RockRose also holds a 15% working interest. Speedwell estimates that the field contains recoverable gas resources of 97 billion cubic feet (Bcf), with the potential to produce at a peak rate of up to 70 million standard cubic feet per day from 2 horizontal development wells. A draft Field Development Plan (FDP) has been prepared by Speedwell for submission to the UK’s Oil & Gas Authority. Prior to FID, RockRose Energy plans to carry out further studies to ensure that both the subsurface delivery and the project economics are robust, particularly given the current challenging gas price.