3 Jul 2018 13:47
3 July 2018
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Cantor Fitzgerald initiates research coverage
Rose Petroleum plc (AIM: ROSE), the North America-focused oil and gas company, announces that Cantor Fitzgerald Europe has today initiated equity research coverage of Rose with the release of a research report on the Company. The report includes a Buy recommendation, with a target share price of 9.0p based on the assumptions set out in the report.
Cantor Fitzgerald Europe ("CFE") is the European operation of Cantor Fitzgerald, the integrated, full-service investment bank known for the strength and experience of its corporate finance advisory and brokerage services. CFE combines this with in-depth, authoritative equities research as well as a leading institutional sales offering.
CFE is financial adviser and joint broker to Rose. The report is available only to registered institutional clients of CFE. For access to the report, please contact your individual broker.
Contacts:
Rose Petroleum plc Matthew Idiens (CEO) Chris Eadie (CFO)
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Tel: +44 (0)20 7225 4595 Tel: +44 (0)20 7225 4599 |
Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / James Reeve / Liz Kirchner
Cantor Fitzgerald Europe - Financial Adviser and Joint Broker Nick Tulloch David Porter
Turner Pope Investments - Joint Broker |
Tel: +44 (0)20 3328 5656
Tel: +44 (0)131 257 4634 Tel: +44 (0)20 7894 7686
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Andy Thacker
| Tel: +44 (0)20 3621 4120 |
Media enquiries:
Allerton Communications | Tel: +44 (0) 20 3633 1730 |
Peter Curtain | peter.curtain@allertoncomms.co.uk |
Notes to editors
Rose Petroleum plc (http://rosepetroleum.com) is a North America-focused oil and gas company whose primary asset is approximately 80,000 net acres in the prolific oil and gas producing Paradox Basin in Utah, U.S.A., where it is earning into a 75% working interest. Using high-quality data gathered in a 3D seismic survey completed in October 2017, the Company has identified drilling locations in naturally fractured areas of the Paradox Formation with the intention of commencing a drilling programme in H2 2018.
On 22 June 2018, Rose announced a Competent Person's Report ("CPR") and Maiden Contingent Resource by Gaffney Cline & Associates ("GCA") on the Rose acreage covered by the 3D seismic, approximately 17,250 acres of the 80,000 acres held. The CPR estimated a 2C Contingent Resource, net to Rose, of 9.25 MMBbl of oil and 18.50 Bscf of gas, and an unrisked pre-tax Net Present Value (NPV10) on the 2C Resources, net to Rose, of US$122 million. The CPR focused solely on one single reservoir - the Cane Creek reservoir (the "CCR" or "Clastic 21") - of the multiple prospective reservoirs within the Paradox Formation.
The Company's established management is supported by an expert technical team with extensive experience of the basin, where current operations nearby have proven successful, with significant initial production rates and low decline rates, offering strong economics even in the present oil price environment.
The Company's strategy is to grow both organically and through acquisition, identifying additional hydrocarbon assets, conventional or unconventional, that would benefit from the Company's fast-acting, entrepreneurial approach.
Rose Petroleum has been quoted on AIM since June 2004.