23 April 2019
Rose Petroleum plc
("Rose", the "Company" or the "Group")
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."
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:
(within the past 5 years)
· Solo Oil plc
· Diverse Energy Solutions Limited
· RAB Microfluidics Research and Development Company Limited
· Quixote Advisers Limited
· Helium One Limited
· Beaconsfield Collections Limited
· Iona Energy, Inc
· Iona UK Huntington Limited
· Iona UK Developments Co Limited
· Decipher Production 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. £38.281 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.
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
Tel: +44 (0)20 3328 5656
Cantor Fitzgerald Europe - Financial Adviser and Joint Broker
Tel: +44 (0)20 7894 7686
Novum Securities Limited - Joint Broker
Tel: +44 (0)20 7399 9427
Turner Pope Investments - Joint Broker
Tel: +44 (0)20 3621 4120
Tel: +44 (0) 20 3633 1731
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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