Appointment of joint broker

RNS Number : 6519I

Rose Petroleum PLC

03 June 2014

 



Rose Petroleum plc

("Rose" or the "Company")

Appointment of joint Broker

Rose Petroleum plc (AIM Ticker: ROSE) is pleased to announce that Pareto Securities Limited has been appointed as joint Broker to the Company with immediate effect.

For further information, please contact:

Rose Petroleum Plc                                                                                                              [phone]

Matthew Idiens, CEO

Allenby Capital (Nominated Adviser & Joint Broker)                                            [phone]

Jeremy Porter / Alex Price

Pareto Securities (Joint Broker)                                                                                      [phone]

Guy Wilkes

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, whilst seeking to create value from its existing mining portfolio.  In 2013, Rose Petroleum raised additional capital, appointed John Blair as Head of New Ventures and brought in an in-house technical team including geological and drilling expertise to pursue new oil and gas assets.

In January 2014, the Company announced that it had completed the acquisition of three licences in Germany, two licences in Baden-Württemberg covering approximately 635,000 acres (2,560 square kilometres) with each licence area represented to have at least four target pay zones, and the third licence covering 657,000 acres (2,640 square kilometres) located in the Weiden Basin (northeast Bavaria). 

In 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.

Independent consultant Ryder Scott Company reported Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the Mancos Shale and Paradox Formation combined of 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet gas).

 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

 

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