– UK, Newbury – Rose Petroleum Plc (LON: ROSE), the AIM-quoted natural resources business, today announced that Colin Harrington, who was previously the Executive Chairman of the Company has been appointed as CEO alongside Rick Grant, Non-Executive Director since 28 June 2019, and now appointed Non-Executive Chairman of the Company, both with immediate effect.
In addition to these changes, the Company is also pleased to announce that Gordon Stein has been appointed to the Board as an Independent Non-Executive Director.
The Company is also taking this opportunity to bolster its governance framework and, as an Independent Non-Executive Director, Gordon will also be Chairman of the Company’s Audit Committee and Remuneration Committee.
Colin Harrington, CEO, said: “I am delighted that Gordon has agreed to join the Board of the Company as an Independent Non-Executive Director. His financial experience and long-standing relationships will be invaluable over the coming months as the Company looks to complete its transformation into a geographically-focused upstream participant.
“In taking on the role of Chief Executive at this pivotal time, I personally look forward to working with Rick, Gordon and the rest of the team to achieve our prime objectives – delivering value and growth for all shareholders.
“As detailed in my Chairman’s statement in the most recent Annual Report, my initial focus was to augment the Company’s Board and management team. I believe we now have a well-balanced, diversified and experienced Board, one with the skill set required to help the Company grow. Our next task is to implement our plans for growth and to ensure we have the operational team in place to deliver on our key objectives. I look forward to providing updates on progress in the coming months.”
About Gordon Stein
Gordon has over 26 years of international experience in the oil and gas sector and has a significant track record of working with AIM quoted natural resources businesses. Among other current appointments, Gordon is Chief Financial Officer of AIM-quoted Columbus Energy Resources PLC, and he previously served as CFO of AIM-quoted Madagascar Oil Ltd, Cadogan Petroleum plc and Regal Petroleum PLC. Gordon is a member of the Chartered Institute of Public Finance & Accountancy, and his considerable financial and capital markets experience will assist the Company on a number of fronts.
About Rose Petroleum plc
Rose Petroleum plc 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 and Maiden Contingent Resource by Gaffney Cline & Associates 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 on the 2C Resources, net to Rose, of US$122 million. The CPR focused solely on one single reservoir – the Cane Creek reservoir – 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.
For more information: https://rosepetroleum.com
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