Rockrose Energy said it intended to launch of capital return to shareholders of £1.50 per share.
The payment would be made by means of a "B" share scheme requiring the passing of ordinary resolutions at a general meeting on February 14.
The company said it had cash and facilities available in excess of $127m of which $40m was considered to be restricted cash as it was posted in support of decommissioning security agreements.
The opex per barrel on the company's existing assets was below $30 per barrel of oil. With G&A around $3 per barrel, the company said it was cash generative.
Production guidance for 2018 remained around 5,250 barrels of oil per day.