Rockrose Energy (RRE) interims reveal strong production growth and announced a 60p interim dividend dividend on Tuesday.
Rockrose Energy, which has a portfolio of assets in the UK and Dutch sectors of the North Sea, produced 22.1 thousand barrels of oil equivalent per day, including production from the Marathon acquisition.
It also had 2P + 2C reserves of 87.6 MMboe as of 31 March 2019, and a cash balance at of $367.9 million, including $86.4 million of restricted cash at 31 August 2019.
The market capitalisation however, currently stands at approximately £250 million, based on their shares trading at 1907p by late afternoon trading.
The company additionally declared a 60p interim dividend and further final dividend of 25p, to be paid to shareholders on the register on 4 October 2019.
Executive Chairman Andrew Austin said in an official statement: "I am delighted to be able to report another good set of financial results. The Marathon Acquisition completed on 1 July 2019 and I am pleased to announce the successful integration of the business into RockRose.”
“We continue to expand our pipeline of development projects, including the drilling of additional wells at West Brae and Blake. The development of Arran and progress on Tain are on budget and on schedule.”
The company expects full year production to be around 20,000 boe per day, as a result of planned maintenance shutdowns, with expected capital expenditure for the full year to be between $107 and $115 million.
The company asserts a business model that is based around building a strong balance sheet and low-cost base to operate in a low oil price environment.
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