16 Nov 2015 07:00
Rose Petroleum plc
("Rose" or the "Company")
Final staged payment re Farm-in Agreement and Directorate Change
Farm-in Agreement
Rose Petroleum plc, the AIM-listed (AIM: ROSE) natural resources company, announces that it has made the final payment of US$500,000 to Rockies Standard Oil Company regarding the acquisition of a 75% working interest in acreage in the Uinta Basin and Paradox Basin, as announced on 17 March 2014. This payment is the final instalment of the total US$2.0m consideration due.
Directorate Change
Following six years as Chairman of the company, the Rt Hon Earl of Kilmorey PC, will be retiring and is stepping down from the Board of Directors at the end of the year. The Board wish to record their appreciation for his invaluable contribution to the Company.
Rose will look to appoint a new Chairman who will fit well with its North American oil and gas operations. Philip Jeffcock, currently a non-Executive Director will stand in as interim Chairman from year end.
Matthew Idiens, CEO, commented "It has been a pleasure and an honour to work with Richard for the past six years and the team and myself have learnt a great deal from his example and guidance. We wish him all the best for the future when he leaves us at the end of the year. We are also pleased to have made the final staged payment on our Utah assets which offer considerable potential with significant potential resources."
Contacts
For further information please visit www.rosepetroleum.com or contact:
Matthew Idiens (CEO) | Rose Petroleum plc | Tel: +44 (0) 20 72254590 |
Jeremy Porter / Alex Brearley | Allenby Capital | Tel: +44 (0) 20 3328 5656 |
About Rose Petroleum
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 now covering approximately 260,000 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.
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