Rose Petroleum PLC Partnering agreement - mineral interests - Paradox (0969R)
19 September 2017 - 4:01PM
UK Regulatory
TIDMROSE
RNS Number : 0969R
Rose Petroleum PLC
19 September 2017
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
19 September 2017
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Partnering agreement for mineral interests in the Paradox Basin,
U.S.A.
Rose (AIM: ROSE), the AIM quoted natural resources business, is
pleased to announce an amendment to its existing earn-in agreement
with Rockies Standard Oil Company LLC ("RSOC") in respect of its
Paradox acreage in Utah, U.S.A. ("Paradox acreage"). The original
agreement with RSOC was entered into in March 2014 and subsequently
amended in April 2016.
Under the terms of the new amendment, Rose and RSOC have
established a new two year Area of Mutual Interest ("AMI") across
the Paradox acreage, covering approximately 9 townships or 324
square miles, in order to partner not only in respect of oil, gas,
and/or associated hydrocarbon interests, but also in respect of
lithium, or any other mineral interests.
Through its existing agreement with RSOC, Rose currently has the
right to earn a 75% working interest in the Paradox acreage in
respect of oil, gas, and/or associated hydrocarbons for a carry
obligation of US$5.5 million. Under the terms of the revised
agreement, this will now include any hydrocarbon or mineral
interests identified or acquired within the AMI.
Rose is currently investigating the potential for the commercial
extraction of lithium from the salar brines that exist within the
clastic formations on the Paradox acreage, and the results from the
proposed seismic shoot on the Paradox acreage will not only
identify potential petroleum targets, but will also highlight any
such potential lithium targets. The Paradox Basin is currently
being widely explored for lithium with commercial grades in excess
of 1,700 parts per million ("ppm") already having been identified
within the salar brines within the basin.
Matthew Idiens, CEO, commented:
"Although at an early stage, this is an exciting development for
the Company. For some time we have been looking at the potential
for lithium extraction from within our Paradox acreage, and we look
forward to working alongside RSOC in respect of optimising this
potential opportunity."
Enquiries:
Rose Petroleum Tel: +44 (0)
plc 20 7225 4595
Matthew Idiens (CEO) Tel: +44 (0)
Chris Eadie (CFO) 20 7225 4599
---------------------- ---------------- ---------------
Jeremy Porter / James Allenby Capital Tel: +44 (0)
Reeve / Liz Kirchner Limited 20 3328 5656
James Pope / Ben Turner Pope Tel: +44 (0)20
Turner Investments 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
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