Rose Petroleum PLC Holding(s) in Company (1014W)

TIDMROSE

RNS Number : 1014W

Rose Petroleum PLC

12 April 2019

12 April 2019

Rose Petroleum plc

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

Holding in Company

Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, has today been advised that following a sale of ordinary shares in the Company on 11 April 2019, Marcus Garvie no longer holds a notifiable interest in the Company's ordinary share capital.

Contacts:

 
 
                                                     Tel: [phone] 
 Rose Petroleum plc                                  4595 
  Matthew Idiens (CEO)                               Tel: [phone] 
  Chris Eadie (CFO)                                  4599 
 Allenby Capital Limited - AIM Nominated Adviser 
  Jeremy Porter / James Reeve / Liz Kirchner         Tel: [phone] 
                                                     5656 
 Cantor Fitzgerald Europe - Financial Adviser 
  and Joint Broker                                   Tel: [phone] 
  Nick Tulloch                                       4634 
  David Porter                                       Tel: [phone] 
                                                     7686 
 Novum Securities Limited - Joint Broker 
  Colin Rowbury                                      Tel: [phone] 
                                                     9427 
 Turner Pope Investments - Joint Broker 
  Andy Thacker                                       Tel: [phone] 
                                                     4120 
 

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 10:40 ET (14:40 GMT)