TIDMROSE
RNS Number : 6951W
Rose Petroleum PLC
23 April 2019
23 April 2019
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Director changes
Further to its recent announcement on 11 April 2019, which
contained details of, inter alia, proposed board changes, Rose
Petroleum plc (AIM: ROSE), the AIM-quoted natural resources
business, is pleased to confirm the appointment of Tom Reynolds as
Non-Executive Director of the Company, with immediate effect.
Concurrent with Mr Reynolds' appointment, Kelly Scott has stepped
down from the Board of the Company. He will continue in his
executive role with the Company in a non-Board capacity.
Mr Reynolds has been working with the Company for the past six
months on a consultancy basis and has a detailed knowledge of the
Group's operations. He is a Chartered Engineer with over 25 years'
experience in the energy sector, including a range of technical and
commercial roles with BP plc, Total SA and British Nuclear Fuels
plc. He has also held management positions at private equity
investment and advisory firms, including 3i plc, and specialises in
strategic planning, investment management and cross-border M&A
transaction execution in the oil, gas, energy and infrastructure
sectors.
Mr Reynolds has held Board seats on various companies listed in
London, Oslo and Toronto. He is a non-executive director of AIM
listed Solo Oil plc. He was previously CEO of Iona Energy, Inc.
and, immediately prior to that, he was CEO of Bridge Energy ASA,
which Mr Reynolds grew through a series of acquisitions before
listing the group in both Oslo and London, prior to its c.US$150m
sale to HitechVision-backed Spike Exploration Holding AS in
2013.
Matthew Idiens, CEO, Rose Petroleum plc, said: "I am pleased to
welcome Tom to the Board and look forward to continuing to work
closely with him, as we focus on the development of Rose's assets
and strategy going forward with the strengthened team."
Regulatory Disclosures
Further information on Mr Reynolds as required to be disclosed
in accordance with Schedule 2 (g) of the AIM Rules for
Companies:
Thomas Hamilton Reynolds, aged 49, is or has been a director of
the following companies or partnerships in the past five years:
Past directorships/partnerships
Current directorships/partnerships (within the past 5 years)
* Solo Oil plc * Beaconsfield Collections Limited
* Diverse Energy Solutions Limited * Iona Energy, Inc
* RAB Microfluidics Research and Development Company * Iona UK Huntington Limited
Limited
* Iona UK Developments Co Limited
* Quixote Advisers Limited
* Decipher Production Limited
* Helium One Limited
* Quixote Associates Limited
* Reynolds Spence Limited
Mr Reynolds holds 1,000,000 ordinary shares in the capital of
the Company, equating to approximately 0.70% of the Company's
issued share capital.
Mr Reynolds was the Chief Executive Officer, and a director, of
Iona Energy, Inc ("Iona"), a Canada incorporated oil and gas
company with assets in the UK and North Sea, which entered
insolvency proceedings in December 2015. In January 2016,
administrators were assigned to Iona's UK subsidiaries, and the
main subsidiary, Iona Energy Company (UK) Limited, was placed into
a creditors voluntary arrangement in June 2016 which concluded in
April 2017 with a net shortfall to creditors of c. GBP38.281
million. Related to the insolvency, in December 2015, a cease trade
order was issued against Iona by the Alberta Securities Commission
after Iona failed to file financial statements and other documents
on time.
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 1731
Peter Cunliffe peter.cunliffe@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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