Viaro Energy, through its wholly owned subsidiary RockRose Energy, closed an acquisition of producing assets in the UK North Sea from SSE for $164 million with an additional contingent payment of $54 million.
The portfolio comprises non-operated interests in over 16 producing gas fields in three regions: the Easington Catchment area, the Bacton Catchment area, and the Greater Laggan area. The assets are expected to produce over 15,000 boe/d in 2021.
SSE will continue to provide decommissioning security for the assets and will retain an obligation to pay 60% of the decommissioning costs when they are incurred.
Viaro acquired RockRose for $330 million in 2020 and later acquired HALO’s interest in the Netherlands in May 2021.
Viaro produces about 33,000 boe/d from more than 36 producing oil and gas fields on the UK Continental Shelf and the Netherlands and is targeting 100,000 boe/d, the company said in a release Oct. 15.
