Analyst site visit

RNS Number : 8723V

Rose Petroleum PLC

31 October 2014

 



Rose Petroleum plc (AIM: ROSE)

("Rose" or the "Company")

Analyst site visit to Rose Petroleum's US assets

Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that it is hosting a site visit for analysts to its US head office in Denver. The visit will include a presentation by senior management as well as a tour of its wells and gas processing plant. 

During the visit no new material information will be made available.   

For further information, please contact:

Rose Petroleum Plc                                                                                                                     [phone]

Matthew Idiens                                                                                                                             

CEO

Allenby Capital (Nominated Adviser & Broker)                                                                 [phone] 

Jeremy Porter / Alex Price

Pareto Securities (Joint Broker)                                                                                               [phone]

Guy Wilkes / Will Slack

Lionsgate Communications (Public Relations)                                                                [phone] Jonathan Charles / Lynn Carratt

About Rose Petroleum

Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its oil & gas portfolio, while seeking to create value from its existing mining portfolio. 

In March 2014, Rose signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC, can earn 75% of certain oil, gas and hydrocarbon leases covering approximately 230,000 net acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins.

In May 2014, Rose published the results of its reserve report prepared by Ryder Scott Company on the Mancos and Paradox Oil & Gas Projects. Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the collective total Mancos Shale and Paradox Formation combined was 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet gas).

In June 2014, the Company successfully raised £6.5m by way of an oversubscribed conditional placing and subscription to develop the Mancos and Paradox assets in Eastern Utah.

In October 2014, Rose acquired 100% of the assets of a privately owned SEP - Cisco Dome, LLC and various other associated entities for US$1.5 million in cash. The acquired assets included a gas compression station and gas processing plant as well as 17 producing wells and 35 shut-in wells.

Management intends to build on these projects to establish a balanced international asset portfolio. For further information please consult the Company's website: www.rosepetroleum.com

 

END

 

 

NRABSBDGXXXBGSB