10 Jul 2014 08:30
Rose Petroleum plc
("Rose" or the "Company")
Holding in company
Rose Petroleum plc (AIM: ROSE) has received notification on 9 July 2014 that the CQS Asset Management Limited funds, namely Geiger Counter Limited and City Natural Resources High Yield Trust Plc, no longer hold any shares in Rose.
For further information, please contact:
Rose Petroleum Plc +44 (0) 20 7225 4595
Matthew Idiens, CEO
Allenby Capital (Nominated Adviser & Joint Broker) +44 (0) 20 3328 5656Jeremy Porter / Alex Price
Pareto Securities (Joint Broker) +44 (0) 207 786 4370
Guy Wilkes
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, whilst seeking to create value from its existing mining portfolio. In 2013, Rose Petroleum raised additional capital, brought in an in-house technical team including geological and drilling expertise to pursue new Oil & Gas assets and, post year end, appointed John Blair as Head of New Ventures.
In January 2014, the Company announced that it had completed the acquisition of three licences in Germany, two licences in Baden-Württemberg covering approximately 635,000 acres (2,560 square kilometres) with each licence area represented to have at least four target pay zones, and the third licence covering 657,000 acres (2,640 square kilometres) located in the Weiden Basin (northeast Bavaria).
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 195,000 net acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins. This acreage was then increased to 230,000 in May 2014.
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 gas).
In June 2014, Rose successfully raised £6.5m (before expenses) by way of an oversubscribed conditional placing, which will be used to commence the Utah exploration programme and for general working capital purposes.
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