Rockrose are 50% owner in the Tain field development with Repsol Sinopec. It has been announced this week that the Tain field development will not be proceeding. A FDP had already been approved and FID was expected later this year.
Rumor has it that Viaro/Rockrose have been actively pursuing development opportunities so that they can minimize the impact of the EPL on their cashflow. Tain capex would have assisted with this.
Tain is shelved so now Rockrose needs to invest capital in a project with proven reserves, large capex and imminent FDP approval. Anyone got any ideas?
HHR Share Price prediction Oct 23 -Jan 24, page-111
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