Rose Petroleum PLC Update re permitting process & directorate change (0020K)

TIDMROSE

RNS Number : 0020K

Rose Petroleum PLC

04 July 2017

4 July 2017

Rose Petroleum plc

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

Update on Paradox Basin permitting process

Directorate Change

Rose (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce an update on the permitting process for its proposed 3D seismic survey in the Paradox Basin, Utah.

On 2 May 2017, the Company announced that following the completion of the 15-day public consultation period for its 3D seismic shoot permit application, the Company was informed by the Bureau of Land Management ("BLM") that certain questions raised in the public comments should have been addressed by the BLM in the original Environmental Assessment Study ("EA") that supported the permit application.

Since then, we have been working to amend both the EA and the shoot design, to accommodate the points raised, and following the BLM's acceptance of the revised documentation, the 15-day public consultation period for the updated EA has now commenced. Following positive assurances from the BLM, we remain on track for the granting of the permit and the completion of the physical shoot in H2 2017.

In a separate development, the Company announces that Kris Hefton, a Director and Chief Operating Officer of Mining will be stepping down from the Board of the Company with effect from 31 July 2017. Kris will continue to be engaged as a consultant to the Company.

Matthew Idiens, CEO, commented: "The acceptance of the revised EA by the BLM and the commencement of the public consultation period is a key milestone for the Company and we remain on track for the granting of the seismic permit in the coming weeks. We are currently in the process of finalising the operational plans for the shoot, which we plan to commence in the third quarter of this year.

I would like to sincerely thank Kris Hefton for his very significant contribution to the Company over the past 13 years. I have very much enjoyed working with Kris and look forward to continuing to have his help and support as a consultant to the Company."

Enquiries:

 
 Matthew Idiens (CEO)      Rose Petroleum            Tel: +44 (0) 20 
  Chris Eadie (CFO)         plc                       7225 4595 
                                                      Tel: +44 (0) 20 
                                                      7225 4599 
 Jeremy Porter / James     Allenby Capital           Tel: +44 (0) 20 
  Reeve / Liz               Limited                   3328 5656 
 Kirchner 
 James Pope / Ben Turner   Turner Pope Investments   Tel: +44 (0)20 
                                                      3621 4120 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 04, 2017 02:00 ET (06:00 GMT)