London – May 24, 2018 – Cooley advised RockRose Energy on its agreement to acquire Dyas for €107 million.
The acquisition will be funded by existing cash and will add 13 million barrels of oil equivalent net developed reserves and more than 5,000 barrels of oil equivalent per day. There will be a significant working capital adjustment at the completion of the deal.
“On completion, this acquisition grows our North Sea business to a level of production that is over 10,000 BOEPD [barrels of oil equivalent per day] and in addition to providing significant free cash flow diversifies the portfolio and strengthens the company's position,” said Andrew Austin, executive chairman of RockRose, in a news release.
RockRose is an independent oil and gas production and infrastructure company listed on the main board of the London Stock Exchange. Dyas owns the non-operated Netherlands gas and condensate producing assets of the Dyas group of companies, which is wholly owned by SHV Holdings, a family-owned Dutch multinational.
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