Result of AGM and update on Board composition

RNS Number : 2234H

Rose Petroleum PLC

30 July 2019

 

30 July 2019

Rose Petroleum plc

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

Result of Annual General Meeting and update on Board composition

Rose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce that at its Annual General Meeting held earlier today, all resolutions were duly passed.

In addition, in its recent Annual Report the Company announced that Matthew Idiens had expressed his intention to step down as a Board member and as Chief Executive Officer during the third quarter of 2019.  The Company can now confirm that these changes will take effect on 30^th August 2019.  After 30^th August, Matthew will continue to support the Company as an employee until 30^th September 2019, in a non-Board member capacity. Beyond September, he has agreed to assist as needed, to ensure a seamless transition between the new Board, management team and the Company's existing partners.

There will be further announcements regarding the restructuring of the Board and management team in due course.

Colin Harrington, Executive Chairman, commented: "I would like to thank our Shareholders for their support as we continue with the Company's transformation, and I look forward to updating the market on progress over the coming months.

"I must also express my gratitude to Matthew Idiens, who has been a major figure in the Company since its inception, and our appreciation for his continuing support through this transition period."

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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