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    UK's RockRose Targets 9% Output Growth in 2020


The company bought Marathon Oil's UK business last year.

by: Joseph Murphy

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UK's RockRose Targets 9% Output Growth in 2020

North Sea-focused RockRose Energy has forecast a 9% bump in its production for 2019 to an average of 21,000 barrels of oil equivalent/day, it said in a trading update on January 7.

The company’s pro forma output came to 19,200 boe/day in 2019. It would have been 20,500 boe/day, the company said, were it not for the impact of scheduled shutdowns.

“We have a busy schedule in 2020, which will see organic growth in our production, and we continue to look at opportunities to deploy our balance sheet strength to make acquisitions that meet our criteria,” RockRose chairman Andrew Austin said. “We look forward to reporting on further progress as the year unfolds.”

The 2020 goal should be reached despite the planned shutdown of the Forties oil pipeline system for three weeks from mid-June, Austin said.

RockRose completed its takeover in June last year of Marathon Oil’s UK business, including its 40% stake in the Greater Brae Area and a 28% position at BP’s Foinaven field west of Shetland.