Proactive Investors - Run By Investors For Investors
Why invest in ROSE?
Rose Petroleum PLC: DEEP DIVE
OVERVIEW

Rose Petroleum rings changes as OCE comes on board

Origin Creek Energy is now a significant shareholder in the company.
Oil rig
OVERVIEW: ROSE The Big Picture
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
View full ROSE profile View Profile

Rose Petroleum PLC Timeline

Related Articles

Egypt
April 08 2019
The South Disouq project has been pushed back towards the end of 2019
Iofina plant
June 13 2019
Chief executive Dr Tom Becker said 2018 was an "exceptional year" and the momentum has continued into early 2019
Hydrogen fuel gauge
April 05 2019
The company’s technology, DMG, uses a process of small scale gasification to turn waste products into energy rich clean synthetic gas from which electrical power and hydrogen can be produced
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use