RockRose Energy narrows loss as it works towards viability

RockRose Energy announced its interim results for six months ended 30 June on Tuesday, with nil revenue and an operating loss of £306k.

The newcomer was only admitted to the Standard Listing segment of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange on 13 January.

Its board said the business strategy remains focused on targeted acquisitions to deliver shareholder value, and it claimed to have a strong pipeline of deal flow.

RockRose said it has evaluated more than 35 targets across a number of geographies, adding it “remains in” a number of processes.

“With the price of Brent back around $45 and security of UK energy supply back in the headlines, the relevance of RockRose has never been greater,” said executive chairman Andrew Austin.

“[The] company is working hard to secure value creating acquisition opportunities.

“Since listing we have evaluated more than 35 targets and have been - or continue to be - in processes relating to 15 different assets,” he explained.

Austin said RockRose has submitted bids for a number of assets, though the market for assets was continuing to be illiquid.

“Many assets are offered for sale but there is often a lack of realism when it comes to value and few transactions are actually closing.

“However, we believe that the continued downturn in the market and the Brexit vote is increasing the number of reluctant but forced sellers of assets,” he added.