document: RockRose Energy announced on 3 August 2017 that it had agreed a sale and purchase agreement to acquire the entire issued share capital of Sojitz Energy Project Limited for a consideration of USD 2.5 million. The company will receive USD 1.7 million at completion of the deal to reflect an effective economic date for the transaction of 1 January 2016. The deal completed on 22 December 2017. The assets involved in the deal include a 15% interest in the Tors field unit area which includes the Kilmar (P683) and Garrow (P1034) fields which are linked to the Trent field. A 7.5% interest in the Grove field unit area (P083 and P901) and a 10% interest in the Seven Seas field (P1354). Sojitz Energy Project Limited also held a 13.5% interest in the Gryphon field but this is understood to not be part of the deal and will likely be awarded to a different Sojitz subsidiary.  RockRoseâs strategy is to build a portfolio of mature producing assets with a view to extend the field life giving the company access to significant tax losses. The recently established company has undertaken deals with Egerton Energy, announced in March 2017, to acquire Egertonâs interest in the Galahad and Mordred fields in the Southern North Sea and also agreed a deal with Maersk in December 2016 to acquire its interest in the Scott and Telford fields.
summary: RockRose Energy has agreed to acquire entire issued share capital of Sojitz Energy. The assets involved in the deal include a 15% interest in the Tors field unit area which includes the Kilmar (P683) and Garrow (P1034) fields which are linked to the Trent field. A 7,5% interest in the Grove field unit area (P083 and P901) and a 10% interest in the Seven Seas field (P1354). 