Issue of Equity

RNS Number : 4718L

Rose Petroleum PLC

04 July 2014

 



Rose Petroleum plc

("Rose" or the "Company")

Issue of equity

Rose Petroleum plc (AIM Ticker: ROSE) announces that following a rounding error in the Company's recent placing, further details of which can be found in the Company's announcement on 20 June 2014, it has issued one ordinary share of 0.1p at a price of 1.5p (the "New Share"). It is anticipated that the New Share will be admitted to trading on AIM on or about 7 July 2014 ("Admission").

Following Admission, the total number of ordinary shares and voting rights in the Company on Admission will be 1,306,006,981 ordinary shares of 0.1p each. The Company does not hold any shares in treasury.

The above 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 and Transparency Rules.

About Rose Petroleum

Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its Oil & Gas portfolio, whilst seeking to create value from its existing mining portfolio.  In 2013, Rose Petroleum raised additional capital, brought in an in-house technical team including geological and drilling expertise to pursue new Oil & Gas assets and, post year end, appointed John Blair as Head of New Ventures.

 In January 2014, the Company announced that it had 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 195,000 net acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins. This acreage was then increased to 230,000 in May 2014.

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).

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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