Rockrose Energy plc (LSE: RRE) (the "Company"), the independent oil and gas company, is pleased to announce the first of two infill development wells at West Brae (RockRose 40% and operator) has successfully completed and is delivering in line with expectations.
Following completion of this well, the Noble Houston Colbert jack-up drilling rig spudded the second planned well at West Brae yesterday evening. Designated WPGZ and WPOZ, the wells are designed to access over 3 MMbbl of net 2P reserves and add net production of 2,500 bopd.
The drilling of the two infill wells forms part of a wider programme of planned activity, covering seven wells over the course of 2020. The programme is aimed at enhancing production by over 8,500 boepd (net) this year and next, as the Company seeks to convert 2C resources to 2P reserves and deliver extended field life.
At the end of February, Rockrose was debt-free with net cash of £272.1 million (equivalent to £20.75 per share) of which £39.5 million was restricted. Final results for 2019 are expected to be published the week beginning 23rd March 2020.
Commenting, Andrew Austin, Rockrose, Executive Chairman, said:
"The drilling of the first of two RockRose-operated infill wells at West Brae has been completed as planned. The rig has now moved to the second well, which remains on target to deliver first production in Q2. These wells form part of a wider programme aimed at creating significant value for shareholders, including increased production, the conversion of resources to reserves and extending field life."