logo-loader
RNS
viewRose Petroleum PLC

Result of AGM and update on Board composition

/**/ sup{font-size:80%}h1{margin-top:12.0pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:107%;font-size:16.0pt;font-family:"Calibri Light","sans-serif";color:#2F5496;font-weight:normal;}h2{margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;margin-left:0cm;margin-bottom:.0001pt;line-height:107%;font-size:13.0pt;font-family:"Calibri Light","sans-serif";color:#2F5496;font-weight:normal;}h3{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:14.0pt;font-family:"Calibri","sans-serif";color:#7F7F7F;font-weight:bold;}h4{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:10.0pt;font-family:"Calibri","sans-serif";color:#943634;font-weight:normal;}h5{margin:0cm;margin-bottom:.0001pt;text-autospace:none;font-size:10.5pt;font-family:"Times New Roman","serif";font-weight:normal;font-div:italic;}h6{margin:0cm;margin-bottom:.0001pt;text-align:justify;text-autospace:none;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:normal;}em{font-weight:bold;font-div:normal;}p{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;} link{ color: blue }visited{ color: purple } .ec{size:595.3pt 841.9pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.ec{}p.fd{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal}p.fe{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin: 0cm; margin-bottom: .0001pt; text-align: center}span.ff{font-family: "Calibri","sans-serif"; font-size: 11.0pt; font-weight: bold}span.ey{font-size:11.0pt;font-family:"Calibri","sans-serif"}span.fg{font-size:11.0pt;font-family:"Calibri","sans-serif"}p.fh{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin: 0cm; margin-bottom: .0001pt; text-align: center}p.fi{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin: 0cm; margin-bottom: .0001pt; text-align: center}p.fj{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin:0cm;margin-bottom:.0001pt;text-align:justify} span.ev{font-size:11.0pt; font-family:"Calibri","sans-serif"}p.fk{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight: bold; margin: 0cm; margin-bottom: .0001pt; text-align: justify}p.fl{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal; margin-bottom: 0cm}p.fm{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm}table.fn{width:460.7pt;margin-left:-10.8pt;border-collapse:collapse}td.er{width:265.9pt;padding:0cm 5.4pt 0cm 5.4pt}td.ep{width:151.6pt;padding:0cm 5.4pt 0cm 5.4pt}p.fo{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height: normal; margin-bottom: 0cm; text-align: right}tr.em{height:37.55pt}td.eo{width:265.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:37.55pt} td.en{width:151.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:37.55pt}tr.ej{height:7.65pt}td.el{width:265.9pt;padding:0cm 5.4pt 0cm 5.4pt; height:7.65pt}td.ek{width:151.6pt;padding:0cm 5.4pt 0cm 5.4pt; height:7.65pt}p.fp{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal; margin-bottom: 0cm; text-align: justify; text-decoration: underline}p.fq{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align: justify;line-height:normal}span.ef{color:windowtext}span.ee{background:white}p.fr{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify} /**/
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 30th August 2019.  After 30th August, Matthew will continue to support the Company as an employee until 30th 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: +44 (0)20 7225 4595

Tel: +44 (0)20 7225 4590

Tel: +44 (0)20 7225 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

David Porter

 

 

Tel: +44 (0)20 7894 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

Peter Curtain

 

 

Tel: +44 (0) 20 3633 1730

[email protected]

 

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.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
RAGSDIFFSFUSELW

Quick facts: Rose Petroleum PLC

Price: 1.102

Market: AIM
Market Cap: £2.23 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Lionel Therond on Rose Petroleum

Lionel Therond talks through Rose Petroleum and the completion of the initial structural interpretation of the 3D seismic data it acquired over its Gunnison Valley Unit (GVU) which is part of its larger lease holding in the Paradox Basin, Utah, U.S.A.

on 02/26/2018