LONDON (Alliance News) - Rose Petroleum PLC on Thursday said it is considering raising additional funds via a potential share placing to back its drilling and exploration programme, including up to six wells at the Mancos licence area in Utah in the US.
The amount to be raised and issue price has not been determined, the company said, but it said it will need funds of between GBP3 million and GBP5 million.
It will make a further announcement on the plans when appropriate.
Rose shares dropped on the news, down 20% to 0.50 pence to be among the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
