12 Apr 2019 15:40
12 April 2019
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Holding in Company
Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, has today been advised that following a sale of ordinary shares in the Company on 11 April 2019, Marcus Garvie no longer holds a notifiable interest in the Company's ordinary share capital.
Contacts:
Rose Petroleum plc Matthew Idiens (CEO) Chris Eadie (CFO)
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Tel: +44 (0)20 7225 4595 Tel: +44 (0)20 7225 4599 |
Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / James Reeve / Liz Kirchner
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Tel: +44 (0)20 3328 5656
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Cantor Fitzgerald Europe - Financial Adviser and Joint Broker Nick Tulloch David Porter
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Tel: +44 (0)131 257 4634 Tel: +44 (0)20 7894 7686
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Novum Securities Limited - Joint Broker Colin Rowbury |
Tel: +44 (0)20 7399 9427
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Turner Pope Investments - Joint Broker Andy Thacker
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Tel: +44 (0)20 3621 4120 |
Media enquiries:
Allerton Communications | Tel: +44 (0) 20 3633 1731 |
Peter Cunliffe | peter.cunliffe@allertoncomms.co.uk |
Notes to editors
Rose Petroleum plc (http://rosepetroleum.com) is a North America-focused oil and gas company whose primary asset is approximately 80,000 net acres in the prolific oil and gas producing Paradox Basin in Utah, U.S.A., where it is earning into a 75% working interest. Using high-quality data gathered in a 3D seismic survey completed in October 2017, the Company has identified drilling locations in naturally fractured areas of the Paradox Formation and has chosen the first well location and it is now permitted to drill and plans to commence the drilling programme and the first well as soon as possible, subject to rig availability, stipulations of the leases, BLM Unit obligations and financing.
On 22 June 2018, Rose announced a Competent Person's Report ("CPR") and Maiden Contingent Resource by Gaffney Cline & Associates ("GCA") on the Rose acreage covered by the 3D seismic, approximately 17,250 acres of the 80,000 acres held. The CPR estimated a 2C Contingent Resource, net to Rose, of 9.25 MMBbl of oil and 18.50 Bscf of gas, and an unrisked pre-tax Net Present Value (NPV10) on the 2C Resources, net to Rose, of US$122 million. The CPR focused solely on one single reservoir - the Cane Creek reservoir (the "CCR" or "Clastic 21") - of the multiple prospective reservoirs within the Paradox Formation.
The Company's established management is supported by an expert technical team with extensive experience of the basin, where current operations nearby have proven successful, with significant initial production rates and low decline rates, offering strong economics even in the present oil price environment.
The Company's strategy is to grow both organically and through acquisition, identifying additional hydrocarbon assets, conventional or unconventional, that would benefit from the Company's fast-acting, entrepreneurial approach.
Rose Petroleum has been quoted on AIM since June 2004.
ROSE.L (ROSE)