NORTH Sea-focused RockRose Energy has underlined its appetite for more acquisitions after completing the purchase of US giant Marathon’s assets in the area for around $140 million (£110m).
The deal, which was announced in February, gave RockRiose interests in big producing fields and made it a major player in the area.
Read more: North Sea shake-up to continue after $140m acquisition of US giant's assets
“We remain focused on growing the value of RockRose, not only through the ongoing development of the enlarged portfolio, but also through value accretive acquisition opportunities in the future,” said executive chairman Andrew Austin.
London-based RockRose has used acquisitions to build a significant business fairly quickly after Mr Austin decided the fallout from the crude price plunge that started in 2014 created opportunities to buy assets at attractive prices.
Read more: Israeli firm hails 'exciting growth opportunities' in North Sea after $2bn deal
A range of established players decided to sell off North Sea assets in order to focus investment elsewhere. Marathon, along with US majors ConocoPhillips and Chevron, will use the funds raised from the sale of North Sea assets to increase investment in US shale fields.
The purchase of the Marathon portfolio will allow RockRose to double its production to 22,000 barrels oil equivalent per day.
Brent crude traded up around $0.40 per barrel yesterday afternoon, at $65.17/bbl amid expectations the Opec group of oil exporting countries and Russia will this week extend curbs on production.
These were introduced to support the market following the crude price plunge from 2014 to early 2016 but booming US production and concerns about the outlook for the global economy have weighed on prices.
Brent crude sold for $75/bbl in April. It fetched $115/bbl in June 2014.
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