15 Sep 2014 07:00
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
Oil & Gas operations update and Technical Team appointments
Rose Petroleum (AIM: Rose), the AIM-listed natural resources company, is pleased to announce theprogress it is making with its initial phase of development in both the Paradox and Mancos project areas and that these are proceeding very much in accordance with Rose's development plan.
Paradox Operations
The final design of a 61 square mile 3D seismic survey has been completed and Dawson Geophysical Company has been awarded the acquisition phase of the seismic programme. The Notice of Intent for the 3D has been filed with the Bureau of Land Management (BLM) and the permitting process is underway.
The completion design of the 16-42 Shut in Paradox well in the Gunnison Valley Unit is being finalised and contractors are being secured for the completion of this well, which is anticipated to take place in Q4 this year.
Mancos Operations
The location of the initial Mancos well has been selected with the use of 2D seismic and well control from surrounding data. The drilling contractor for this well is being secured with a spud date scheduled Q4 this year.
Lastly, as identified during the Company's recent fundraising, further details of which were announced on 20 June 2014, Rose is continuing to evaluate a potential strategic acquisition for which the due diligence phase is underway. This potential acquisition, which will be funded out of the proceeds of the Company's fundraising in June 2014, is in the Mancos project area and, should the board determine that it would be in the interests of shareholders to do so, Rose anticipates closing this during Q4 2014. Further details will be announced at the appropriate time.
Technical Team Appointments
Rose has completed the initial phase of hiring for its US Oil & Gas technical team with the appointments of David Patterson as Vice President of Geology and Savilla Cribbs, Geological and Engineering Technician. Both have already started at Rose's new Denver office.
David is an exploration manager and geoscientist with 32 years of experience. His experience covers the full spectrum of disciplines in unconventional and conventional oil & gas exploration. He joins Rose from Ultra Petroleum where he managed the geoscience staff for ongoing company operated and non-operated drilling and completions.
Savilla joins Rose as a technician with over 12 years of experience. She joins from Samson Resources where she ran pre-drill data on oil prospects in the Greater Green River and Powder River Basins and tracked reserves for quarterly and annual reporting to the qualified Person.
Group CEO Matthew Idiens commented: "With the team now in place it's all hands to the pumps and I am pleased with the progress we are making and the momentum now building on the operational front. I am confident we now have an experienced ops team is place to drive these projects forward. We look forward to drilling and completing our first wells later this year and we will keep the market posted in regards to how this progresses."
For further information, please contact:
Rose Petroleum Plc +44 (0) 20 7225 4590
Matthew Idiens
Group CEO
Allenby Capital (Nominated Adviser & Broker) +44 (0) 20 3328 5656 Jeremy Porter / Alex Price
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).
The company also has 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 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.
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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