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Rose Petroleum brings in £1mln of new capital to support Paradox basin plans

Matthew Idiens, chief executive of Rose Petroleum PLC (LON:ROSE), tells Proactive's Andrew Scott they've raised £1mln of new capital to support their plans in Utah’s Paradox basin.

Some £633,920 of the raise is conditional upon shareholder approval, at an general meeting that will now be convened on May 21.

The funding proceeds will be used to advance the group’s assets in the Paradox basin – it will support the completion of a new competent persons report, and, significantly, help advance key preparations to make its prospects ‘drill ready’.

Quick facts: Rose Petroleum PLC

Price: 1 GBX

AIM:ROSE
Market: AIM
Market Cap: £2.87 m
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