13 Nov 2014 15:20
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
Appointment of KPMG LLP as Auditor
Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce the appointment of KPMG LLP ('KPMG') as the Company's auditor, with immediate effect.
Group CEO Matthew Idiens commented: "Following a tender process, we have now appointed KPMG. We feel with the expected growth in the Company as we advance through the drilling stage, they are the right calibre of adviser to assist Rose. I would also like to thank Baker Tilly, who we have worked closely with for the past 10 years, but a new era is dawning."
Lynton Richmond, Audit Partner of KPMG, said: "We are delighted to have been appointed as auditor to Rose Petroleum and look forward to working with the team."
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 Eastern 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