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Rose Petroleum PLC RNS Release

Director/PDMR Shareholding


RNS Number : 9724V
Rose Petroleum PLC
12 April 2019
 

12 April 2019

Rose Petroleum plc

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

 

Director/PDMR shareholdings

 

Further to the announcement on 11 April 2019, Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, announces the following purchases of the ordinary shares of 0.1p each in the Company ("Ordinary Shares") by certain Directors and PDMRs of the Company.

 

Matthew Idiens, Chief Executive Officer, has on 11 April 2019 purchased 2,000,000 Ordinary Shares at an average price of 1.75p per share.  Following this purchase, Mr Idiens has a total beneficial interest in 3,620,257 Ordinary Shares, equivalent to 2.52% of the Company's existing ordinary share capital.

 

Chris Eadie, Chief Financial Officer, has on 11 April 2019 purchased 945,600 Ordinary Shares at an average price of 1.67p per share.  Following this purchase, Mr Eadie has a total beneficial interest in 1,717,504 Ordinary Shares, equivalent to 1.20% of the Company's existing ordinary share capital.

 

In addition, Tom Reynolds, proposed Non-Executive Director, has on 11 April 2019 purchased 731,694 Ordinary Shares at an average price of 1.715p per share.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

  

1.               

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Matthew Idiens

2.               

Reason for the Notification

a)

Position/status

CEO

b)

Initial notification/Amendment

Initial notification

3.    

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Rose Petroleum plc

b)

LEI

254900TAVH3MBZ1EMC29

4.    

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

 

Ordinary shares of 0.1p each in Rose Petroleum plc

Identification code

GB00B013M672

b)

Nature of the transaction

Purchase of shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)



1.75p

2,000,000

d)

Aggregated information:

·Aggregated volume

·Price

N/A

e)

Date of the transaction

11 April 2019

f)

Place of the transaction

London Stock Exchange, AIM (XLON)

 

 

1.               

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Chris Eadie

2.               

Reason for the Notification

a)

Position/status

CFO

b)

Initial notification/Amendment

Initial notification

3.    

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Rose Petroleum plc

b)

LEI

254900TAVH3MBZ1EMC29

4.    

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

 

Ordinary shares of 0.1p each in Rose Petroleum plc

Identification code

GB00B013M672

b)

Nature of the transaction

Purchase of shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)



0.17p

0.164p

510,600

435,000

d)

Aggregated information:

·Aggregated volume

·Price

 

945,600

1.67p

e)

Date of the transaction

11 April 2019

f)

Place of the transaction

London Stock Exchange, AIM (XLON)

 

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

 

 

Tel: +44 (0)20 3328 5656

 

Cantor Fitzgerald Europe - Financial Adviser and Joint Broker

Nick Tulloch

David Porter

 

 

Tel: +44 (0)131 257 4634

Tel: +44 (0)20 7894 7686

 

Novum Securities Limited - Joint Broker

Colin Rowbury

 

Tel: +44 (0)20 7399 9427

 

Turner Pope Investments - Joint Broker

Andy Thacker

 

 

Tel:  +44 (0)20 3621 4120

Media enquiries:


Allerton Communications

Tel: +44 (0) 20 3633 1731

Peter Cunliffe

[email protected]

 

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.

 


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 [email protected] or visit www.rns.com.
 
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