14 May 2015 10:10
14 May 2015
Rose Petroleum plc ("Rose" or the "Company")
Statement re: possible equity fund raising
Rose Petroleum plc, the AIM-listed (AIM: ROSE) natural resources company, notes recent media speculation and advises that the Company is currently exploring raising additional funds by way of a possible placing of new shares to finance its drilling and exploration programme, including for up to six wells in its Mancos licence area. The amount to be raised and the issue price of any new shares has not yet been determined whilst discussions with investors are ongoing, but funds of between £3 million and £5 million have been indicated.
A further announcement will be made as and when appropriate.
**ENDS**
For further information please visit www.rosepetroleum.com or contact:
Matthew Idiens (CEO) | Rose Petroleum plc | Tel: +44 (0) 20 7236 1177 |
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 |
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, milling and porphyry copper exploration 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 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. 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).
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.
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.
In December 2014, Rose spudded its first well in the Uinta Basin taking core samples from the Mancos Shale. Whole core was taken within the Mancos Shale and is being analysed for optimisation of the well stimulation programme for future horizontal wells in the Mancos Shale.
Rose 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