Independent oil and gas firm RockRose Energy is set to hand over the operatorship of the Greater Brae Area (GBA) to TAQA UK.
The move follows the court proceedings that were brought by TAQA and the other joint venture partners including JX Nippon and Spirit Energy in December 2019. The proceedings were related to the discharge notice served on Marathon Oil UK, as operator.
RockRose said it took over the Brae Area through the acquisition of Marathon Oil UK in July 2019.
However, subject to receipt of approval by the Secretary of State, the company will pass the operatorship of the Brae Area to TAQA Bratani.
RockRose, in a statement, said: “There is no strategic or financial consequence to RockRose, as no partner under a Joint Operating Agreement (JOA) can benefit from being operator.”
The firm said that a notice was served to Marathon Oil UK on 01 July 2019, prior to its acquisition.
As part of the acquisition of Marathon Oil’s UK business completed last year, RockRose took over the operated stake of between 37%-40% in the GBA fields.
RockRose to work with TAQA during transition process
During the transition process, RockRose plans to work with TAQA to ensure smoother operations without any disruptions, including the current drilling programme at West Brae.
The handover is planned to be completed in the second half of the year.
Following the completion of the Marathon acquisition, the company claims to have made a significant positive impact in the Brae Area, both for the staff and the assets.
Rockrose executive chairman Andrew Austin said: “Our focus throughout this process has been to ensure the best possible outcome for the Brae Area, the staff working on the assets, and for the joint venture partners.
“We are proud of the role we have played in furthering the Government’s Maximising Economic Recovery (MER) strategy in the short time we have operated the assets.
“We look forward to working with TAQA to support a smooth transition and to minimise any disruption once approval from the Secretary of State has been obtained.
“For RockRose, this change is financially and strategically neutral and we look forward to seeing the assets continue to deliver for the Company and its shareholders.”
