ROC UK Saltfleetby gas storage

Challenge

The Saltfleetby gas field was the largest onshore gas field in the UK, containing some 90 BCF reserves (proved plus probable). ROC Oil wanted to investigate the potential value addition through conversion on the reservoir to a gas storage facility.

Solution

SLR negotiated the original gas processing and gas sales arrangements and produced a scheme to redevelop the reservoir as a seasonal gas storage facility.

ROC liked the concept, but did not want to finance the project so SLR ran a process to find a finance partner. SLR screened a shortlist of potential partners, prepared an opportunity summary and worked to ensure that the transaction created a fit for both parties.

After feedback, SLR revised the bidding process to receive bids to purchase the entire field through a corporate transaction.

Impact

SLR developed and revised the bidding closure process to receive bids to purchase the field through a corporate transaction.

The winning bid was taken through to signature of a sale and purchase agreement leading to the sale of the entire field to Wingas for £44 million.

ROC Oil share price rose 7% on announcement