RockRose Energy PLC completed the acquisition of an unknown stake in Portfolio of gas exploration and production (E&P) assets in three regions in the North Sea from SSE plc.

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.

RockRose Energy PLC completed the acquisition of 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) on October 15, 2021.