10 Oct 2014 07:05
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
U.S. Oil & Gas Technical Team Appointment
Rose Petroleum (ROSE.L), the London-listed natural resources company, is pleased to announce that it has made a further key appointment to its U.S. technical team.
Mark Lewis joins as Senior Well Site Supervisor and has commenced his employment at Rose's new Denver office, which will serve as the centre of its U.S. oil & gas operations.
Mark has 35 years' experience in domestic and international oil & gas operations and specialises in deep HPHT (High Pressure, High Temperature) wells both onshore and offshore. His extensive experience includes his role as Senior Well Site Supervisor for Fidelity Exploration and Production Co. in Utah.
Group CEO Matthew Idiens commented: "I am pleased to announce the appointment of Mark Lewis. Mark's appointment completes our U.S. technical team with all bases covered and I am confident we have an experienced team in place to drive Rose's projects forward."
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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