Directorate Change

RNS Number : 6956E

Rose Petroleum PLC

12 February 2015

 



Rose Petroleum plc

 ("Rose" or the "Company")

Directorate Change

Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that Chris Eadie has been appointed to the Board of the Company as Finance Director with immediate effect.

Having qualified as a Chartered Accountant with PricewaterhouseCoopers ("PWC"), Chris has subsequently had over 17 years of post-qualification finance experience and gained a wealth of capital market experience working across a wide variety of sectors and geographies. After leaving PWC, Chris held a number of senior finance roles at Cable and Wireless plc, following which he joined AIM-listed Aurum Mining plc ("Aurum") as Finance Director.  Chris will continue to be involved with Aurum on a part-time basis while it continues its transformation.

Group CEO Matt Idiens commented: "I am pleased to be welcoming Chris to the Board of Rose and I believe his finance experience and, in particular his time spent within the natural resources sector, will enable him to add significant value to the Company."

Chris Eadie commented: "I am delighted to be joining Rose at such a pivotal point in its evolution, and I look forward to working with the Board and helping deliver on the Company's strategy of maximising shareholder returns from the its diversified portfolio of multi-commodity assets."

Christopher John Eadie (aged 45) 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
·     Chris Eadie Associates Limited	·     None
·     Aurum Mining plc

Chris Eadie holds 94,402 ordinary shares in the Company representing less than 0.0001% of the total issued share capital of the Company.

**ENDS**

For further information please visit www.rosepetroleum.com or contact:

Matthew Idiens (Group CEO)	Rose Petroleum plc	Tel: [phone]
John Blair (CEO)	Rose Petroleum (US) LLC	Tel:  [phone]
Jeremy Porter	Allenby Capital	Tel: [phone]
Alex Price	Allenby Capital	Tel: [phone]
Elisabeth Cowell	St Brides Partners Ltd	Tel: [phone]
Lottie Brocklehurst	St Brides Partners Ltd	Tel: [phone]

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, milling and porphyry copper exploration portfolio.  

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 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. Un-risked Prospective (Recoverable) Hydrocarbon Resources on a Mean Case basis for the collective total Mancos Shale and Paradox Formation combined was 1,825.07 MMBO (million barrels of oil) and 6,447.87 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, and the completion of a further £3.5 million fundraise was announced on 5 December 2014.

In October 2014, Rose acquired 100% of the assets of a privately owned SEP - Cisco Dome, LLC and various other associated entities for US$1.5 million in cash. The acquired assets included 11,000.02 gross / 8,250.02 net acres of highly prospective Mancos acreage, a gas compression station and gas processing plant as well as 17 producing wells and 35 shut-in wells.

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

 

END

 

 

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