Rose Petroleum PLC Board appointment and update (7366D)
28 June 2019 - 4:01PM
UK Regulatory
TIDMROSE
RNS Number : 7366D
Rose Petroleum PLC
28 June 2019
28 June 2019
Rose Petroleum plc
("Rose Petroleum" or the "Company")
Board appointment and update
Rose Petroleum (AIM: ROSE), the AIM quoted natural resources
business, is pleased to announce the appointment of Rick Grant as a
Non-Executive Director of the Company, effective immediately.
Rick has a 40-year track record of success in the oil and gas
industry. Rick is co-founder and Chairman of Origin Creek Energy
LLC ("OCE"). OCE makes $2-$20 million foundational investments in
the domestic US energy sector. The firm's capital is provided by
its partners and two affiliated family offices.
Prior to OCE, Rick was CEO of Suez North America LNG and then
served as CEO of Suez Global LNG ("Suez LNG"). During his tenure,
Suez LNG grew from an initial US$680 million acquisition of Cabot
LNG (where Rick previously served as President), into the world's
third largest liquefied natural gas business, one active across the
entire global natural gas chain from upstream production through to
distribution to end-users. Before his time at Cabot, Rick was
President of Mountaineer Gas, the largest natural gas distribution
company in West Virginia (which also held a sizable upstream
portfolio). During his career, Rick has had significant success
managing multi-billion dollar organisations and developments, and
has been involved in a number of profitable corporate exits.
The Board continues to evaluate roles and needs at the executive
and Board levels. Related to this process, Matthew Idiens has
informed the Company of his intention to step down as a Board
member and CEO after assisting through a transition period to an
updated management team. The Company expects to make additional
announcements about changes to the executive team during the next
quarter.
Board appointment - regulatory disclosures
Richard ("Rick") Lee Grant, aged 64, 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 (a.k.a. MMXII Holdings, Inc. (trade name:
Origin Creek LLC) Wynbi Inc.)
Origin Creek Partners Fund I LLC Halia Therapeutics Inc (a.k.a. Hali'a
Captiva Energy Holdings LLC Therapeutics LLC and Hali'a Therapeutics
Captiva Energy Holdings II LLC C Corp)
Grant Golf LLC
McMillian Family Investments LLC McMillian 101 Holdings LLC
Head of the Harbor Boats LLC
Rick Grant is a 26.6% shareholder and the Chairman of OCE. OCE
has an interest in 25,000,000 ordinary shares of the Company,
representing 14.84% of the Company's issued share capital.
Colin Harrington, Executive Chairman of Rose Petroleum plc, said
"From the moment Matthew Idiens and I began discussing the next
stage of growth for Rose, we both agreed that the Board should only
be augmented with individuals who have blue chip professional
histories, strong industry networks and proven management skills.
Rick brings all the above, with deep sector knowledge, decades of
organisational expertise and an enviable track record. We are
thrilled to have him join Rose as we position the company for
further growth in the domestic U.S."
Rick Grant, Non-executive Director designate of Rose Petroleum
plc, said "I believe Rose has excellent prospects for growth, from
both the existing portfolio and from attractive acquisition and
development opportunities that arise in the highly-fragmented small
cap sector of the onshore US E&P market. I look forward to
helping transform the Company for the benefit of all
shareholders."
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 Tel: +44 (0)20 3328
Jeremy Porter / James Reeve / Liz Kirchner 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
Peter Curtain 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 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.
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END
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