logo-loader
Zephyr Energy PLC

Rose Petroleum PLC - Cantor Fitzgerald initiates research coverage

RNS Number : 4585T
Rose Petroleum PLC
03 July 2018
 

3 July 2018

Rose Petroleum plc

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

 

Cantor Fitzgerald initiates research coverage

 

Rose Petroleum plc (AIM: ROSE), the North America-focused oil and gas company, announces that Cantor Fitzgerald Europe has today initiated equity research coverage of Rose with the release of a research report on the Company. The report includes a Buy recommendation, with a target share price of 9.0p based on the assumptions set out in the report.

 

Cantor Fitzgerald Europe ("CFE") is the European operation of Cantor Fitzgerald, the integrated, full-service investment bank known for the strength and experience of its corporate finance advisory and brokerage services. CFE combines this with in-depth, authoritative equities research as well as a leading institutional sales offering.

 

CFE is financial adviser and joint broker to Rose. The report is available only to registered institutional clients of CFE. For access to the report, please contact your individual broker.

 

 

Contacts:

 

Rose Petroleum plc

Matthew Idiens (CEO)

Chris Eadie (CFO)

 

 

Tel: +44 (0)20 7225 4595

Tel: +44 (0)20 7225 4599

Allenby Capital Limited - AIM Nominated Adviser

Jeremy Porter / James Reeve / Liz Kirchner

 

Cantor Fitzgerald Europe - Financial Adviser and Joint Broker

Nick Tulloch

David Porter

 

Turner Pope Investments - Joint Broker

 

Tel: +44 (0)20 3328 5656

 

 

Tel: +44 (0)131 257 4634 Tel: +44 (0)20 7894 7686

 

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 with the intention of commencing a drilling programme in H2 2018.

 

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 rns@lseg.com or visit www.rns.com.
 
END
 
 
NRASSDFEDFASELW
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...

FOR OUR FULL DISCLAIMER CLICK HERE

Zephyr Energy reports strong fourth quarter with production increase and...

Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) CEO Colin Harrington provides an update on the company's fourth-quarter production and future plans in an interview with Proactive London's Stephen Gunnion. Harrington highlighted a 7% increase in average production across the quarter, with...

4 weeks ago

3 min read