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Rose Petroleum hires new US chief exec

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Rose Petroleum (LON:ROSE) has hired John Blair as the new chief executive of its American subsidiary, which controls the group’s shale assets in Utah.

Blair, a recognised industry expert in exploration and development, in recent years (until 2013) was senior vice president of a consultancy firm which assessed over 150 shale projects worldwide for clients such as  Statoil, Pemex, Marubeni, Itochu, and Maersk.

He joins the company with immediate effect.

“John's depth of experience in both operating and assessment of potential projects is a great asset for us and I look forward to working with him over the coming years,” group chief executive Matthew Idiens said in a statement.

“We are continuing to build the operations team in the US and plan to announce further updates in the near future."

Blair, meanwhile, said: “I am very pleased to be appointed CEO of Rose US and am looking forward to developing our assets in eastern Utah."

Rose acquired the potential “company making” Utah shale assets in March, agreeing to pay US$2mln upfront and committing to spend US$17mln on drilling in order to acquire a 75% interest in 230,000 acres.

Respected consultant Ryder Scott estimates the group’s interests, in the Mancos and Paradox shale plays, within this acreage, could contain 1.45bn barrels of oil and 4.79 trillion cubic feet (tcf) of gas.

The numbers have yet to be proven up by drilling, but reflect a great deal of potential.

Quick facts: Rose Petroleum PLC

Price: 1.075 GBX

AIM:ROSE
Market: AIM
Market Cap: £3.09 m
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