22 Apr 2015 07:00
Rose Petroleum plc ("Rose" or the "Company")
Board Change
Rose Petroleum plc, the AIM-listed (AIM: ROSE) natural resources company, announces that John Blair has decided to leave the Company and has stepped down from the Board of Directors. The Board has accepted John's resignation, which takes immediate effect, and wish him well in his future endeavours. The Board is grateful to John for his efforts toward developing the Company's oil and gas projects and in assembling such an experienced and professional US team. He leaves the projects in very capable hands.
Ty Watson, Rose's current Senior Vice President of Operations who has worked closely with John since joining the Company, has been appointed President of Rose Petroleum US LLC and will head-up Rose's oil and gas operations. Mr. Watson will be leading the oil and gas team on the ground in developing the Company's three onshore US exploration, development and production projects.
Mr. Watson is a Petroleum Engineer with 30 years of experience in drilling and completion operations, business development and acquisitions in basins across the US. He began his career at Schlumberger where he progressed through technical and operational positions for 13 years culminating in being appointed as the Western Region General Manager. After leaving Schlumberger in 2002, Mr. Watson went on to lead teams at Shell Rocky Mountain, Williams Production Company, Enerplus and Great Western Oil & Gas, where he helped to reduce drilling times, increase production and reserves, and lower operational costs while either entering new basins with operations or converting teams from vertical technology to resource horizontal technology.
Matthew Idiens, Group CEO, commented:
"Ty Watson and John Blair have worked together in developing our US onshore oil and gas assets since Ty joined Rose in 2014. Ty has a strong understanding of our significant oil and gas acreage and current campaign focused on building value in our portfolio, and we welcome him in his new role as Head of Oil and Gas Operations. He has a proven track record in increasing production, reducing drill time and lowering well costs and, together with our strong Board and team on the ground, I believe he will leverage this to deliver on our strategy. I look forward to working closely with Ty as we move the Company forward."
**ENDS**
For further information please visit www.rosepetroleum.com or contact:
Matthew Idiens ( CEO) | Rose Petroleum plc | Tel: +44 (0) 20 7236 1177 |
Jeremy Porter | Allenby Capital | Tel: +44 (0) 20 3328 5656 |
Alex Price | Allenby Capital | Tel: +44 (0) 20 3328 5656 |
Elisabeth Cowell | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
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, milling and porphyry copper exploration 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 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. Un-risked Prospective (Recoverable) Hydrocarbon Resources on a Mean Case basis for the collective total Mancos Shale and Paradox Formation combined was 1,825.07 MMBO (million barrels of oil) and 6,447.87 BCFG (billion cubic feet of 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, and the completion of a further £3.5 million fundraise was announced on 5 December 2014.
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 11,000.02 gross / 8,250.02 net acres of highly prospective Mancos acreage, a gas compression station and gas processing plant as well as 17 producing wells and 35 shut-in wells.
In December 2014, Rose spudded its first well in the Uinta Basin taking core samples from the Mancos Shale. Whole core was taken within the Mancos Shale and is being analysed for optimisation of the well stimulation programme for future horizontal wells in the Mancos Shale.
Rose 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