Director/PDMR Shareholding

RNS Number : 4078N

Rose Petroleum PLC

25 July 2014

 



Rose Petroleum plc

("Rose Petroleum" or the "Company")

Director dealing

Rose Petroleum plc (AIM: ROSE) announces that it has today received notification that, on 25 July 2014, Richard Needham (Director of the Company) sold 1,900,000 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") at a price of 3.92 pence per Ordinary Share as part of restructuring his SIPP to allow a drawdown. Following this transaction, Richard Needham holds 2,096,666 Ordinary Shares in the Company representing 0.16% of the current issued share capital of the Company.

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, while seeking to create value from its existing mining portfolio. 

In January 2014, the Company 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 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.

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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