RockRose has assigned its 40% stake in North Sea licence P205 block 16/6a (12.5 sq km) containing the western extent of the West Brae-Sedgwick Field to operator TAQA, as notified by the OGA on 27 September 2018. RockRose remains in the licence with zero equity as a Bare Beneficiary likely related to its exposure to the planned decommissioning of the Brae area. The rest of the West Brae-Sedgwick Field is licenced via P108 block 16/7a and is operated by Marathon. The field was discovered by 16/07- 2 (1975) with oil in the Eocene Balder Formation and Upper Sele Formation Sandstones. Production commenced in 1997 via sub-sea tie-back to the Brae A platform. Recoverable reserves were estimated at 60 MMbo but it has produced 109MMbo and 29Bcfg to May 2018. TAQA is now sole P205 licensee via subsidiaries TAQA Bratani Ltd (80% + Op) and TAQA Bratani LNS Ltd (20%).
RockRose has assigned its 40% stake in North Sea licence P205 block 16/6a (12.5 sq km) containing the western extent of the West Brae-Sedgwick Field to operator TAQA,