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Board Change

22 Apr 2015 07:00

RNS Number : 9261K
Rose Petroleum PLC
22 April 2015
 



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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
BOAIBMBTMBJTTMA
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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