RockRose Energy PLC agreed to acquire an unknown stake in Portfolio of gas exploration and production (E&P) assets in three regions in the North Sea from SSE plc (LSE:SSE) for £120 million on December 22, 2020. Consideration includes £25 million in cash, with the remainder, adjusted for leakage, forming a vendor loan (repayable three years from completion accruing interest at 7.125%). Additional consideration of up to £40 million is payable if the gas price in H2 2021 reaches agreed thresholds; and up to $0.75 (£0.56) million per Bcf if the Glendronach prospect, in the Greater Laggan Area, successfully produces.

Transaction is subject to regulatory approval and partner consent. There is currently expected to be a small gain on sale, which will be part of SSE's reported results. BofA Securities, Inc. acted as financial advisor and CMS acted as legal advisor to SSE plc.