Issue of equity and change to total voting rights

RNS Number : 8456J

Rose Petroleum PLC

22 August 2019

 

22 August 2019

Rose Petroleum plc

("Rose" or the "Company")

Issue of equity and change to total voting rights

Rose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, announces the issue of 2,500,000 new ordinary shares in the Company as final consideration for fees due to a professional adviser for services performed in the first half of 2019 ("Fee Shares"). 

Application will be made for the Fee Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 28 August 2019. 

The Fee Shares will rank pari passu in all respects with the existing ordinary shares of the Company in issue and therefore will rank equally for all dividends or other distributions declared, made or paid after the issue of the Fee Shares.  The Fee Shares will represent approximately 1.46 per cent of the issued share capital of the Company on Admission.

Total voting rights

Upon Admission, the Company's issued share capital will consist of 170,913,940 ordinary shares of 0.1p each, with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 170,913,940.  With effect from Admission, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Contacts:

Rose Petroleum plc Matthew Idiens (CEO) Colin Harrington (Executive Chairman) Chris Eadie (CFO)	Tel: [phone] 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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