Viaro Energy Strategy, page-78

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02/08/24

10:58

Post #: 75041466
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Originally posted by Mitchdon: ↑

Just to add Rockrose also has purchased the remaining 80% of the Bacton Terminal as part of the Leman/Clipper/Bacton deal.

Everyone has gone quiet on the price paid however it had previously been reported as $500m. Shell/Exxon had initially thought they could get up to $1bn. Whatever the final price Rockrose got the assets cheaply.

As the new owners Rockrose will now be looking to increase production through Bacton. This slide shows the current production in blue (from 2022). RockRose will now be targetting incremental production growth (in blue circle) Rockrose will be looking for another 200mmcfd to feed Bacton.

Total Energies Bacton HubThe JV had previously been negotiating with Shell for a tarriff to be paid for transporting gas via Leman to Bacton. Now that RockRose own this infrastructure there is potential to expand the agreement to extract and transport gas. So Rockrose provide all the infratstructure to extract AND transport gas. This structure would take advantage of Labours own O&G policies by limiting capex and increasing operating costs.

HHR have said as much in the most recent quarterly report.

- Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead
- Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff
- The approach optimises the way the project cashflows work to unlock greater value for shareholders.

Rockrose now have a greater incentive to bring Phase 1 online as they will profit from both the extraction and transport of Gas.

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Thanks Mitchdon, Is there a recent top 20 list

HHR Price at posting: 0.6¢ Sentiment: Buy Disclosure: Held
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Viaro Energy Strategy, page-78

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