Rose Petroleum PLC Director/PDMR Shareholding (9724V)

TIDMROSE

RNS Number : 9724V

Rose Petroleum PLC

12 April 2019

12 April 2019

Rose Petroleum plc

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

Director/PDMR shareholdings

Further to the announcement on 11 April 2019, Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, announces the following purchases of the ordinary shares of 0.1p each in the Company ("Ordinary Shares") by certain Directors and PDMRs of the Company.

Matthew Idiens, Chief Executive Officer, has on 11 April 2019 purchased 2,000,000 Ordinary Shares at an average price of 1.75p per share. Following this purchase, Mr Idiens has a total beneficial interest in 3,620,257 Ordinary Shares, equivalent to 2.52% of the Company's existing ordinary share capital.

Chris Eadie, Chief Financial Officer, has on 11 April 2019 purchased 945,600 Ordinary Shares at an average price of 1.67p per share. Following this purchase, Mr Eadie has a total beneficial interest in 1,717,504 Ordinary Shares, equivalent to 1.20% of the Company's existing ordinary share capital.

In addition, Tom Reynolds, proposed Non-Executive Director, has on 11 April 2019 purchased 731,694 Ordinary Shares at an average price of 1.715p per share.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             Matthew Idiens 
     -------------------------------  ---------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------- 
 a)   Position/status                  CEO 
     -------------------------------  ---------------------------------- 
 b)   Initial notification/Amendment   Initial notification 
     -------------------------------  ---------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------- 
 a)   Name                             Rose Petroleum plc 
     -------------------------------  ---------------------------------- 
 b)   LEI                              254900TAVH3MBZ1EMC29 
     -------------------------------  ---------------------------------- 
 4.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of 
       transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     ------------------------------------------------------------------- 
 a)   Description of 
       the Financial instrument,         Ordinary shares of 0.1p each in 
       type of instrument                Rose Petroleum plc 
      Identification                   GB00B013M672 
       code 
     -------------------------------  ---------------------------------- 
 b)   Nature of the transaction        Purchase of shares 
     -------------------------------  ---------------------------------- 
 c)   Price(s) and volume(s)            Price(s)   Volume(s) 
 
                                         1.75p      2,000,000 
                                                   ---------- 
     -------------------------------  ---------------------------------- 
 d)   Aggregated information:          N/A 
       --Aggregated volume 
       --Price 
     -------------------------------  ---------------------------------- 
 e)   Date of the transaction          11 April 2019 
     -------------------------------  ---------------------------------- 
 f)   Place of the transaction         London Stock Exchange, AIM (XLON) 
     -------------------------------  ---------------------------------- 
 
 
 1.    Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                              Chris Eadie 
      --------------------------------  ---------------------------------- 
 2.    Reason for the Notification 
      -------------------------------------------------------------------- 
 a)    Position/status                   CFO 
      --------------------------------  ---------------------------------- 
 b)    Initial notification/Amendment    Initial notification 
      --------------------------------  ---------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      -------------------------------------------------------------------- 
 a)    Name                              Rose Petroleum plc 
      --------------------------------  ---------------------------------- 
 b)    LEI                               254900TAVH3MBZ1EMC29 
      --------------------------------  ---------------------------------- 
 4.    Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of 
        transaction; (iii) each date; and (iv) each place 
        where transactions have been conducted 
      -------------------------------------------------------------------- 
 a)    Description of 
        the Financial instrument,          Ordinary shares of 0.1p each in 
        type of instrument                 Rose Petroleum plc 
       Identification                    GB00B013M672 
        code 
      --------------------------------  ---------------------------------- 
 b)    Nature of the transaction         Purchase of shares 
      --------------------------------  ---------------------------------- 
 c)    Price(s) and volume(s)             Price(s)   Volume(s) 
 
                                           0.17p      510,600 
                                            0.164p     435,000 
                                                     ---------- 
      --------------------------------  ---------------------------------- 
 d)    Aggregated information: 
   --Aggregated volume                    945,600 
   --Price                                 1.67p 
 -------------------------------------  ---------------------------------- 
 e)    Date of the transaction           11 April 2019 
      --------------------------------  ---------------------------------- 
 f)    Place of the transaction          London Stock Exchange, AIM (XLON) 
      --------------------------------  ---------------------------------- 
 

Contacts:

 
 Rose Petroleum plc 
  Matthew Idiens (CEO)                           Tel: [phone] 
  Chris Eadie (CFO)                              Tel: [phone] 
 Allenby Capital Limited - AIM Nominated 
  Adviser                                        Tel: [phone] 
  Jeremy Porter / James Reeve / Liz Kirchner 
 Cantor Fitzgerald Europe - Financial 
  Adviser and Joint Broker                       Tel: [phone] 
  Nick Tulloch                                   Tel: [phone] 
  David Porter 
 Novum Securities Limited - Joint Broker 
  Colin Rowbury                                  Tel: [phone] 
 Turner Pope Investments - Joint Broker 
  Andy Thacker                                   Tel: [phone] 
 Media enquiries: 
 Allerton Communications                       Tel: [phone] 
 Peter Cunliffe                                [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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April 12, 2019 02:00 ET (06:00 GMT)