12 Feb 2015 07:00

Rose Petroleum plc
 ("Rose" or the "Company")
Directorate Change
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Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that Chris Eadie has been appointed to the Board of the Company as Finance Director with immediate effect.
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Having qualified as a Chartered Accountant with PricewaterhouseCoopers ("PWC"), Chris has subsequently had over 17 years of post-qualification finance experience and gained a wealth of capital market experience working across a wide variety of sectors and geographies. After leaving PWC, Chris held a number of senior finance roles at Cable and Wireless plc, following which he joined AIM-listed Aurum Mining plc ("Aurum") as Finance Director. Chris will continue to be involved with Aurum on a part-time basis while it continues its transformation.
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Group CEO Matt Idiens commented: "I am pleased to be welcoming Chris to the Board of Rose and I believe his finance experience and, in particular his time spent within the natural resources sector, will enable him to add significant value to the Company."
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Chris Eadie commented: "I am delighted to be joining Rose at such a pivotal point in its evolution, and I look forward to working with the Board and helping deliver on the Company's strategy of maximising shareholder returns from the its diversified portfolio of multi-commodity assets."
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Christopher John Eadie (aged 45) is, or has been within the last five years, a director or partner of the following entities:
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Current directorships or partnerships | Directorships or partnerships within the last five years |
· Chris Eadie Associates Limited | · None |
· Aurum Mining plc |
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Chris Eadie holds 94,402 ordinary shares in the Company representing less than 0.0001% of the total issued share capital of the Company.
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**ENDS**
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For further information please visit www.rosepetroleum.com or contact:
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Matthew Idiens (Group CEO) | Rose Petroleum plc | Tel: +44 (0) 20 7236 1177 |
John Blair (CEO) | Rose Petroleum (US) LLC | Tel: +1 (303) 390 3866 |
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 |
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About Rose Petroleum
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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.
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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.
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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).
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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.
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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.
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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
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