That's very interesting Rockrose research. I've been looking at...

That's very interesting Rockrose research. I've been looking at the deal from their perspective too (and I too have lost money so far)

https://www.rigzone.com/news/viaros_rockrose_grabs_stake_in_anning_and_somerville_fields-07-apr-2023-172470-article/

7 April 2023 Francesco Mazzagatti, CEO of Viaro Energy : “Anning and Somerville are expected to reach first gas in the 4th quarter of 2024 and will contribute around 12,000 Boepd to our existing production base of 25-30,000 boepd, taking us a step closer to our 100,000 Boepd target”

Two important takes IMO:

1/ Viaro Energy (RockRose) have a target of 100,000 Boepd. They cannot reach this by developing their existing undeveloped fields - they need the addition of 60% of our fields and others. That gives more certainty that they will follow through on the deal. I'd still like to see that first A$12m banked though

2/ The timeframe shows great haste. Imo we're going for lightening fast field development for the quick release of the first 5 yrs of revenue. As Clipper Field look-alikes we'll have heavily front-loaded production - 50% pumped & sold in the first 5 years. Imo we want speed so we make the most of any super profits on offer.. before the market is once again supplied with volumes from Nord Stream or from the many local tx incentive fields which will come on-line after us. I read somewhere that without further investment, North Sea production would fall by 75% by 2030. With the new incentives, snowballing investment is now coming and that will offset the decline and I'd guess replace the newly imported and expensive US LNG, which has currently run up to 20%+ of supply.

For as long as US LNG remains the expensive last ditch supplier, I think we're assured of an historically high UK gas price floor (of say 80p per therm in the off months, which we're now in). That supply will likely moderate the winter price spikes too though.

It's a brain teaser but personally I'm fairly comfortable with where Hartshead has positioned itself