RockRose Energy has agreed to acquire Southern North Sea licence P2341 block 43/21b from Speedwell Energy, as announced on 4 February 2020. The Sales and Purchase Agreement has been signed for a limited initial consideration, with a further part due at Final Investment Decision (FID) for the Cotton Field. The transaction in subject to government approval. Cotton Field (formally Carna Field) which was discovered with well 43/21b- 5Z (2009, Venture Production, 3,575m) which encountered a gas column of up to 380m in six sandstone units with estimated recoverable reserves are 97 Bcfg and is anticipated to produce up to 70 MMcfg/d from two horizontal production wells. A Field Development Plan (FDP) has been drafted by the current operator Speedwell for submission to the OGA. RockRose plans to carry out further studies on the economics and subsurface delivery of the project prior to taking FID. The field is 100km E of Scarborough and between the producing Kilmar and Garrow fields in which RockRose is already a partner. P2341 is currently operated by Speedwell Energy Ltd with 100% equity.
RockRose has signed to acquire the share capital of Speedwell Energy, sole holder of the Cotton (P2341) gasfield off Scarborough.