Rose Petroleum PLC Updated Corporate Presentation
April 30 2019 - 1:02AM
RNS Non-Regulatory
TIDMROSE
Rose Petroleum PLC
30 April 2019
30 April 2019
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Updated Corporate Presentation
Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources
business, is pleased to announce that an updated version of its
corporate presentation is now available on the Company's website at
https://rosepetroleum.com.
Contacts:
Tel: +44 (0)20 7225
Rose Petroleum plc 4595
Matthew Idiens (CEO) Tel: +44 (0)20 7225
Chris Eadie (CFO) 4599
Allenby Capital Limited - AIM Nominated Adviser
Jeremy Porter / James Reeve / Liz Kirchner Tel: +44 (0)20 3328
5656
Cantor Fitzgerald Europe - Financial Adviser
and Joint Broker Tel: +44 (0)20 7894
David Porter 7686
Novum Securities Limited - Joint Broker
Colin Rowbury Tel: +44 (0)20 7399
9427
Turner Pope Investments - Joint Broker
Andy Thacker Tel: +44 (0)20 3621
4120
Media enquiries:
Allerton Communications Tel: +44 (0) 20 3633 1730
Peter Curtain peter.curtain@allertoncomms.co.uk
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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END
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