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Acquisition of additional acreage in Utah & TVR

3 Nov 2014 07:00

RNS Number : 8732V
Rose Petroleum PLC
03 November 2014
 



Rose Petroleum plc (AIM: ROSE)

("Rose" or the "Company")

Acquisition of additional acreage in Eastern Utah

Total voting rights

 

Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that its wholly owned subsidiary Rose Petroleum (Utah) LLC. has acquired an additional 4,004.83 gross acres from the State of Utah and private owners within its Mancos development area as well as 657.83 gross acres in its Gunnison Valley Unit in the Paradox development area, Eastern Utah. Total cost paid for the leases was $188,024.09 representing an average cost per acre of $40.33.

 

Rose's independent consultant, Ryder Scott Company ("RSC"), is currently in the process of updating the resource estimates for the Mancos following Rose's recent Cisco acquisition and this additional acreage will now be included as part of that. Rose will announce the details of this update once it has been completed.

In May 2014, RSC stated that the Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the collective total Mancos Shale and Paradox Formation combined was 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet gas).

Group CEO Matthew Idiens commented: "We are pleased to be able to consolidate our land position further in the Unita basin ahead of spudding our first Mancos well, which I am happy to report remains on track for ahead of year end. The initial well location has been selected and permitting is well underway."

Total voting rights

The Company announces that its issued share capital as at the date of this announcement consists of 1,310,185,133 ordinary shares of 0.1p each with one voting right per share. The Company does not hold any shares in treasury. Therefore the total number of Ordinary Shares and voting rights in the Company is 1,310,185,133.

The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

Rose Petroleum Plc +44 (0) 20 3697 1209

Matthew Idiens

CEO

Allenby Capital (Nominated Adviser & Broker) +44 (0) 20 3328 5656

Jeremy Porter / Alex Price

Pareto Securities (Joint Broker) +44 (0) 207 786 4370

Guy Wilkes / Will Slack

 

Lionsgate Communications (Public Relations) +44 (0) 20 3697 1209

Jonathan Charles / Lynn Carratt

 

About Rose Petroleum

Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its oil & gas portfolio, while seeking to create value from its existing mining portfolio.

 

In March 2014, Rose signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC, can earn 75% of certain oil, gas and hydrocarbon leases covering approximately 230,000 net acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins.

 

In May 2014, Rose published the results of its reserve report prepared by Ryder Scott Company on the Mancos and Paradox Oil & Gas Projects. Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the collective total Mancos Shale and Paradox Formation combined was 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet gas).

In June 2014, the Company successfully raised £6.5m by way of an oversubscribed conditional placing and subscription to develop the Mancos and Paradox assets in Utah.

In October 2014, Rose acquired 100% of the assets of a privately owned SEP - Cisco Dome, LLC and various other associated entities for US$1.5 million in cash. The acquired assets included a gas compression station and gas processing plant as well as 17 producing wells and 35 shut-in wells.

Management intends to build on these projects to establish a balanced international asset portfolio. For further information please consult the Company's website: www.rosepetroleum.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQZFLFXZBFXFBK
Date   Source Headline
23rd May 20147:00 amRNSPublication of Reserve Report
16th May 20147:00 amRNSAdditional acreage in Utah
2nd May 20147:00 amRNSResults from MDU in the Paradox Basin
20th Mar 20147:06 amRNSQ4 2013 operational update
20th Mar 20147:00 amRNSNew Investor Presentation
17th Mar 20147:00 amRNSFarm-in agreement on significant US O&G project
12th Mar 20148:36 amRNSWeiden Basin hydrocarbon licence completed
4th Mar 20147:00 amRNSJoint venture agreement with Lowell Copper Ltd.
31st Jan 20147:01 amRNSBoard Changes
31st Jan 20147:00 amRNSGrant of new hydrocarbon licence
21st Jan 20147:00 amRNSCompletion of acquisition
15th Jan 20147:05 amRNSOil & Gas Team appointment - Head of New Ventures
15th Jan 20147:00 amRNSHydrocarbon licence update
7th Nov 20137:00 amRNSQ3 operational and production update
23rd Sep 20137:00 amRNSChange of Adviser
4th Sep 20131:30 pmRNSReplacement Option Grant
3rd Sep 20137:30 amRNSOption grant
3rd Sep 20137:01 amRNSDirectorate Change
3rd Sep 20137:00 amRNSHalf Yearly Report
30th Aug 20134:30 pmRNSTotal Voting Rights
15th Aug 201311:00 amRNSResults of GM, change of name and website, TVR
5th Aug 20137:00 amRNSAgreement to acquire hydrocarbon licences
30th Jul 20137:00 amRNSPosting of Circular and notice of General Meeting
23rd Jul 201310:20 amRNSChange of Registered Office
28th Jun 201311:00 amRNSResult of AGM
28th Jun 20137:00 amRNSRenewal of Freeport Exploration Database Agreement
26th Jun 20137:00 amRNSSubscription Announcement
5th Jun 20137:00 amRNSFinal Results for the year ended 31 December 2012
13th May 20137:00 amRNSOperations Update Q1 2013
30th Apr 20137:00 amRNSTrading Update & Board Change
20th Feb 20137:00 amRNSMexico Quarterly Operations Update
28th Jan 20136:20 pmRNSHolding(s) in Company
11th Jan 20137:00 amRNSTrading Update
8th Nov 20127:00 amRNSAcquisition of Porphyry Copper Prospect
2nd Nov 20127:00 amRNSQuarterly Update and Joint Venture Amendment
7th Sep 20127:00 amRNSHalf Yearly Report
9th Aug 20127:00 amRNSMexico Quarterly Update
21st Jun 20127:00 amRNSDirector/PDMR Shareholding
20th Jun 20127:00 amRNSRe: Directorate
6th Jun 20127:00 amRNSUranium Operations Update
31st May 201210:30 amRNSResult of AGM
25th May 20127:00 amRNSMexico resource update
25th May 20127:00 amRNSCopper exploration drilling update
23rd May 20127:00 amRNSConvertible Loan Notes
14th May 20127:00 amRNSMexican Gold & Silver Quarterly Operations Update
17th Apr 20127:00 amRNSFinal Results
19th Mar 20127:00 amRNSDrilling Programme
6th Feb 20127:00 amRNSMexican Gold & Silver Operations Update
3rd Feb 20127:01 amRNSCopper exploration drilling update
3rd Feb 20127:00 amRNSAppointment of Joint Broker

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