Viaro Energy Strategy, page-3

It is quite incredible to watch the damage being done by Labours proposed North Sea policies. Big moves by a lot of players. As the majors exit the smaller players are picking up the pieces.

I have only just caught up on Deltics exit from Pensacola due to their inability to fund their share of costs.


"In the course of the process to secure the appropriate funding option for Pensacola development, Deltic examined a wide variety of funding solutions which included potential industry partners, including its existing Joint Venture (JV) partners, via traditional farm-out or asset sale, the equity capital markets (both traditional and non-traditional sources of capital), strategic investors, debt providers and commodity trading houses which can pre-pay for future gas deliveries.
Despite an exhaustive process, according to Deltic, deteriorating sentiment towards the oil and gas industry as a result of ongoing fiscal volatility and negative political rhetoric in the run-up to the July election have resulted in Deltic being unable to secure funding support."

This could very well have been HHR in December. The fact that they were able to negotiate a "backstop funding solution" with RR means that at least we are still in the game. 20% with 100% free carry looks pretty attractive right now.

HHR is not in a position to make any moves however Rockrose/Viaro are continuing to grow their position in the Southern North Sea.

HHR could ultimately benefit from having them as a partner.