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Rose Petroleum rings changes as OCE comes on board

Origin Creek Energy is now a significant shareholder in the company.
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Rose has an option on 80,000 acres in Utah

 

  • Rose Petroleum’s primary asset is more than 80,000 net acres located in the Paradox Basin in Utah

  • The company is earning into a 75% working interest

  • A limited CPR in June 2018 determined gross contingent resources (2C) of 15.6mln barrels of oil and 31.2bn cubic feet of gas

  • The NPV net to Rose was US$122mln 

 

How is it doing

Rose Petroleum PLC (LON:ROSE) has been restructuring its board and senior management in recent weeks.

Origin Creek Energy is now a significant shareholder in the company.

OCE, an investor in the US onshore upstream sector, bought in at 1.2p, raising £300,000 for the AIM-quoted company.

Colin Harrington, OCE’s chief executive, took over as Rose’s executive chairman.

Rick Grant previously chief executive of Suez North America and co-founder of OCE has also joined the board as non-exec.

Rose’s financial results for 2018 showed a US$2.49mln comprehensive income, including a US$2.39mln gain coming from the translation of currency.

It ended 31 December 2018 with US$616,000 of cash and equivalents.

 

What the boss says, Colin Harrington executive chairman

“The decision to invest in Rose was made after significant evaluation.

"Origin Creek's mandate is to provide capital, guidance and a deep network of relationships to the companies in which we choose to invest.”

 

Video

 

Inflexion points

  • Finance arranged to drill GVU22-1 well
  • Aquisitione of additional acreage in surrounding locations
  • Development of legacy mining assets
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