14 Jun 2018 07:00
14 June 2018
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Holding in Company
Rose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, was informed on 13 June 2018 that Flute Investments Limited now has a total interest in 5,942,419 ordinary shares of 0.1p each in the Company, equivalent to 4.1% of the Company's issued ordinary share capital.
Enquiries:
Matthew Idiens (CEO) Chris Eadie (CFO)
| Rose Petroleum plc | Tel: +44 (0) 20 7225 4595 Tel: +44 (0) 20 7225 4599 |
Jeremy Porter / James Reeve / Liz Kirchner
| Allenby Capital Limited
| Tel: +44 (0) 20 3328 5656
|
Andy Thacker
| Turner Pope Investments | Tel: +44 (0)20 3621 4120 |
Media enquiries:
Peter Curtain
| Allerton Communications | Tel: +44 (0) 20 3633 1730 peter.curtain@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 acres in the 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 clastics formation with the intention of commencing a drilling programme in H2 2018, once necessary permits and funding have been secured.
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)