27 Nov 2014 07:00
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
Drilling contractor agreement signed
Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that its wholly owned subsidiary, Rose Petroleum (Utah) LLC, has signed a drilling rig contract with Beeman Drilling Services Inc., located out of Moab, Utah.
The rig will be used at Rose's initial Uinta basin location, State 1-34 well, targeting the Mancos shale and testing a deeper conventional target. The rig, which is a Couper 550 rig, has a 300,000lbs hook load capacity from the derrick and is equipped with 2 x 800hhp pumps. The rig is expected to be mobilised in mid- December.
Matthew Idiens, Group CEO, commented: "The signing of the drilling contract is yet another step closer to the spudding of our first well. We are now only awaiting the final permit approval and are working closely with the State to achieve this within the desired timeline."
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 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.
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.
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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