Director/PDMR Shareholding

RNS Number : 9724V

Rose Petroleum PLC

12 April 2019

 

12 April 2019

Rose Petroleum plc

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

Director/PDMR shareholdings

Further to the announcement on 11 April 2019, Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, announces the following purchases of the ordinary shares of 0.1p each in the Company ("Ordinary Shares") by certain Directors and PDMRs of the Company.

Matthew Idiens, Chief Executive Officer, has on 11 April 2019 purchased 2,000,000 Ordinary Shares at an average price of 1.75p per share.  Following this purchase, Mr Idiens has a total beneficial interest in 3,620,257 Ordinary Shares, equivalent to 2.52% of the Company's existing ordinary share capital.

Chris Eadie, Chief Financial Officer, has on 11 April 2019 purchased 945,600 Ordinary Shares at an average price of 1.67p per share.  Following this purchase, Mr Eadie has a total beneficial interest in 1,717,504 Ordinary Shares, equivalent to 1.20% of the Company's existing ordinary share capital.

In addition, Tom Reynolds, proposed Non-Executive Director, has on 11 April 2019 purchased 731,694 Ordinary Shares at an average price of 1.715p per share.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Matthew Idiens
2.	Reason for the Notification
a)	Position/status	CEO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Rose Petroleum plc
b)	LEI	254900TAVH3MBZ1EMC29
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.1p each in Rose Petroleum plc
	Identification code	GB00B013M672
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.75p 2,000,000
d)	Aggregated information: ·Aggregated volume ·Price	N/A
e)	Date of the transaction	11 April 2019
f)	Place of the transaction	London Stock Exchange, AIM (XLON)

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Eadie
2.	Reason for the Notification
a)	Position/status	CFO
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Rose Petroleum plc
b)	LEI	254900TAVH3MBZ1EMC29
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 0.1p each in Rose Petroleum plc
	Identification code	GB00B013M672
b)	Nature of the transaction	Purchase of shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.17p 0.164p 510,600 435,000
d)	Aggregated information: ·Aggregated volume ·Price	945,600 1.67p
e)	Date of the transaction	11 April 2019
f)	Place of the transaction	London Stock Exchange, AIM (XLON)

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 Nick Tulloch David Porter	Tel: [phone] Tel: [phone]
Novum Securities Limited - Joint Broker Colin Rowbury	Tel: [phone]
Turner Pope Investments - Joint Broker Andy Thacker	Tel:  [phone]
Media enquiries:
Allerton Communications	Tel: [phone]
Peter Cunliffe	[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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