RockRose maintaining most North Sea commitments

UK North Sea independent RockRose Energy says it remains well positioned, despite current oil market uncertainties, with a strong balance sheet and no debt.

The company was listed on the London Stock Exchange in January 2016, when Brent crude traded at less than US$30/bbl, and has since focused on being able to operate in a low oil price environment.

It currently anticipates unit operating costs this year off around US$30/boe and has hedging in place to support its capex commitments.

RockRose has budgeted spending of around US$200 million in 2020, much of it related to the development of the Shell-operated Arran gas/condensate field in the UK central North Sea through the Shearwater platform.

However, the company expects to defer at least US$50 million set aside for other programmes.

To date precautionary and contingency measures put in place on both its operated and non-operated North Sea field facilities are said to be working well.

No staff at the operated Brae field centre currently have symptoms and none are in isolation.

Source: Offshore Magazine