RockRose Energy was founded in 2015 to identify onshore and offshore production opportunities and infrastructure projects. Focused on building a low-cost E&P business of scale, the Company grew rapidly through the acquisition of packages of non-operated assets, predominantly in the UK North Sea. Early acquisitions included the purchase of asset interests from Egerton Energy Ventures, Sojitz Energy, and Idemitsu in 2017. The production and cash flow provided by these deals created a solid platform for further expansion.
In May 2018, RockRose agreed to acquire a package of non-operated producing assets from the Dyas group of companies for €107 million. On completion in October 2018, this transaction increased Group output to over 10,000 boepd. This was followed in early 2019 by an agreement to acquire Marathon Oil’s UK assets, which completed in July of the same year and increased the Company’s production to over 20,000 boepd and net 2P reserves to 63 MMboe. With the Marathon Oil acquisition, RockRose took on the role of operator for the first time and enhanced its ability to participate in pre-production appraisal and development projects.