Oilman Jim's Blog10 Nov 2019 11:36
Rose Petroleum (ROSE) announced a placing to raise £1.25 million at 1.1p. The directors are buying a 10% interest in a 317 acre lease from themselves, but it actually equates to just a 2.217% working interest in the spaced drilling unit. It's a shale project, an area in which US companies are trying to divest, yet they’re paying over $9,500 an acre for it. It's also worth remembering that US projects which show up in London these days usually are doing so because they can't raise funds in North America. I suspect that may well be the situation here.