Appointment of Financial Adviser and Joint Broker

RNS Number : 7728R

Rose Petroleum PLC

19 June 2018

 

19 June 2018

Rose Petroleum plc

 ("Rose", the "Company" or the "Group")

Appointment of Financial Adviser and Joint Broker

Rose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce the appointment of Cantor Fitzgerald Europe ("Cantor Fitzgerald") as financial adviser and joint broker to the Company with immediate effect. Allenby Capital will remain as the Company's AIM Nominated Adviser and Turner Pope Investments remains as a joint broker.

Matthew Idiens, Chief Executive Officer of Rose Petroleum, said:

"We are delighted to announce the appointment of Cantor Fitzgerald as financial adviser and joint broker at this transformational time for the Company.

"We believe that the global financial reach and extensive oil and gas sector experience of Cantor Fitzgerald will be hugely beneficial to the Company as it looks to make the shift from oil explorer to oil producer.

"The primary task for Cantor Fitzgerald in its capacity as financial adviser will be to assist the Company in assessing the potential funding options for the drilling of the Company's first wells at our flagship project in the Paradox Basin, Utah, U.S.A. At the appropriate time, the firm's work will be valuable in assisting in the assessment of any potential additional projects.

"We are very much looking forward to working closely with the Cantor Fitzgerald team at this exciting time for the Company."

Enquiries:

Rose Petroleum plc Matthew Idiens (CEO) Chris Eadie (CFO)	Tel: [phone] Tel: [phone]
Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter / James Reeve / Liz Kirchner Cantor Fitzgerald Europe -Financial Adviser and Joint Broker Nicholas Tulloch David Porter Turner Pope Investments - Joint Broker	Tel: [phone] Tel: [phone] Tel: [phone]
Andy Thacker	Tel:  [phone]

Media enquiries:

Allerton Communications Peter Curtain

Tel: [phone] [e-mail]

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.

 

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