TIDMROSE
RNS Number : 0592A
Rose Petroleum PLC
24 May 2019
24 May 2019
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Completion of subscription, board appointment and change to
total voting rights
Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources
business, is pleased to confirm the receipt of GBP300,000 pursuant
to the subscription for 25,000,000 new ordinary shares (the "New
Ordinary Shares") at 1.2p per share, details of which were
announced on 20 May 2019 (the "Fundraise").
In addition, the Company is pleased to confirm the appointment
of Colin Harrington as Executive Chairman of the Company, effective
immediately.
Application has been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM ("Admission").
It is anticipated that the New Ordinary Shares will be issued and
Admission will take place on or around 30 May 2019.
Upon Admission, Origin Creek Energy LLC ("OCE") will have an
interest in 25,000,000 ordinary shares of the Company, equivalent
to 14.84% of the Company's as enlarged issued share capital. Colin
Harrington is indirectly the controlling shareholder of OCE.
Matthew Idiens, CEO of Rose, comments: "We are delighted to
welcome Colin to Rose as a director and substantial shareholder.
Colin brings a wealth of experience to the Company as it evolves
and refines its growth strategy.
"Rose continues to engage with prospective farm-in partners for
its Gunnison Valley property in Utah, USA, as well as screening
other opportunities which offer a route to establishing cash
generative production in the near term. With interim funding now in
place and the assistance of the new Board members and advisers, the
Company will continue to work on identifying the optimal path to
deliver shareholder value."
Board appointment - regulatory disclosures
Mr John Colin Harrington, aged 45, holds and has held over the
last five years the following directorships:
Current directorships held Directorships held within the last
five years
Origin Creek Energy LLC Draketail Ventures, Inc.
Origin Creek PartnersFund I LLC MMXII Holdings, Inc. (trading as:
Needham Ventures Limited Wynbi Inc.)
Captiva Energy Holdings LLC
Captiva Energy Holdings II LLC
Colin Harrington is also a member of the board of trustees of
The Key School, a not-for-profit school in the USA.
Total Voting rights
Upon Admission, the issued share capital of the Company will
comprise 168,413,940 Ordinary Shares with one voting right per
share. The Company does not hold any shares in treasury. Therefore,
following Admission, the total number of Ordinary Shares and voting
rights in the Company will be 168,413,940. This figure may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Contacts:
Tel: +44 (0)20 7225
Rose Petroleum plc 4595
Matthew Idiens (CEO) Tel: +44 (0)20 7225
Chris Eadie (CFO) 4599
Allenby Capital Limited - AIM Nominated Adviser
Jeremy Porter / James Reeve / Liz Kirchner Tel: +44 (0)20 3328
5656
Cantor Fitzgerald Europe - Financial Adviser
and Joint Broker Tel: +44 (0)20 7894
David Porter 7686
Novum Securities Limited - Joint Broker
Colin Rowbury Tel: +44 (0)20 7399
9427
Turner Pope Investments - Joint Broker
Andy Thacker Tel: +44 (0)20 3621
4120
Media enquiries:
Allerton Communications Tel: +44 (0) 20 3633 1730
Peter Curtain 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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