Board appointment and update

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. Origin Creek LLC) Origin Creek Partners Fund I LLC Captiva Energy Holdings LLC Captiva Energy Holdings II LLC Grant Golf LLC McMillian Family Investments LLC  Head of the Harbor Boats LLC	MMXII Holdings, Inc. (trade name: Wynbi Inc.) Halia Therapeutics Inc (a.k.a. Hali'a Therapeutics LLC and Hali'a Therapeutics C Corp) McMillian 101 Holdings 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:

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	Tel: [phone]
Cantor Fitzgerald Europe - Financial Adviser and Joint Broker David Porter	Tel: [phone]
Novum Securities Limited - Joint Broker Colin Rowbury	Tel: [phone]
Turner Pope Investments - Joint Broker 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 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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