Directorate Change

RNS Number : 5952O

Rose Petroleum PLC

08 August 2014

 



Rose Petroleum plc

 ("Rose" or the "Company")

Directorate Change

John Blair joins Rose Petroleum's main Board of Directors and becomes new CEO of Rose US

Rose Petroleum (AIM: Rose), the AIM-listed natural resources company, is pleased to announce that John Blair has been appointed to the Board of Directors of Rose Petroleum plc as Director of Oil & Gas, with immediate effect. In addition, John has also been promoted to CEO of Rose Petroleum (US) LLC ("Rose (US)"), the Company's wholly-owned subsidiary, which controls its US Oil & Gas assets.

John has over 27 years of experience in the upstream Oil & Gas industry.  John holds a B.Sc. in Geology and a M.Sc. in Geophysics.  He was Senior Vice President at global consulting firm Knowledge Reservoir for three years until 2013, where he analysed over 150 unconventional shale resource plays worldwide for numerous clients including Statoil, Pemex, Marubeni, Itochu, and Maersk. He has also founded three successful private independent US Oil & Gas companies and is a recognised expert in both conventional and unconventional Oil & Gas exploration and development.

Group CEO Matthew Idiens commented: "In line with the Company's directive of strengthening the Oil & Gas side of the Board, I am pleased to welcome John to the Board and his appointment to CEO of Rose (US). John's depth of experience in both operating and assessment of potential projects is a great asset for us and I look forward to working with him over the coming years. We are continuing to build the operations team in the US and plan to announce further updates in the near future."

John Blair commented: "I am very pleased to be appointed CEO of Rose (US) and  am looking forward to developing our assets in eastern Utah."

For further information, please contact:

Rose Petroleum Plc                                                                                                                     [phone]

Matthew Idiens                                                                                                                             

Group CEO

Allenby Capital (Nominated Adviser & Broker)                                                              [phone]

Jeremy Porter / Alex Price

Lionsgate Communications (Public Relations)                                                                [phone]

Jonathan Charles / Lynn Carratt

Regulatory information

Full name: John Matthew Blair (aged 51)

John Blair is, or has been within the last five years, a director or partner of the following entities:

Current directorships or partnerships	Directorships or partnerships within the last five years
·     K.B. Resources, Inc.	·     None
·     J.M. Blair, Inc.
·     Hilltop Resources, LLC
·     Rose Petroleum (UK) Limited

John Blair holds 2,000,000 ordinary shares in the Company representing 0.15% of the total issued share capital of the Company. In addition, Mr Blair holds 23,700,000 options to subscribe for new ordinary shares at 0.4 pence per ordinary share.

There are no further disclosures to be made in relation to John Blair under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

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 of 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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