Viaro’s wholly owned subsidiary Viaro Energy has signed an agreement to acquire UK-based independent oil and gas company RockRose Energy for £247.5m ($309.1m).

The acquisition will enable the company expand its presence in the UK Continental Shelf.

Viaro Energy expects that the acquisition combines a portfolio and management team well positioned for growth and successful operations in the broader North Sea.

The transaction is part of Viaro Energy’s strategy to establish and grow a major mid-sized independent oil and gas producer with a long-term production target of 100,000 boepd and beyond.

For the acquisition, Vairo Energy will pay 1,850 pence for each RockRose share.

Viaro Energy non-executive chairman Roger Tucker said: “I’m also extremely pleased that our cash offer for RockRose has been recommended by the Board.

“In my long career in the industry I have had the pleasure of working with numerous companies and RockRose’s people, assets and working practice are among the best I’ve seen.

“I’m delighted that RockRose’s senior management will be joining us for the journey ahead. Personally, I’m also pleased to be returning to the UKCS, an area I know very well, to work alongside this first-class team to deliver our growth plans in the region.”

RockRose acquisition to bring assets of significant reserves for Viaro Energy

The acquisition of RockRose is expected to offer Viaro Energy with a business with assets of significant reserves, production and cash flow.

The transaction represents Viaro Energy’s first acquisition in the UK North Sea.

In February this year, RockRose Energy signed a sales and purchase agreement (SPA) to acquire a 100% interest of Speedwell Energy, the holder of 100% interest in the Cotton gas field in the UK sector of the Southern North Sea.