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Rose Petroleum

  • BY: Andrew Hore |
  • POSTED: 22/06/2014 |

Rose Petroleum has raised £6.5m at 1.5p a share, with chief executive Matthew Idiens increasing his stake to 1.54%.

Other directors and management have also bought shares in the oversubscribed placing. Last August, £400,000 was raised at 0.4p a share.

In March, Rose acquired a 75% working interest in 230,000 acres and one shut-in well in the Uinta and Paradox basins in eastern Utah. This includes the Mancos shale. This is a region where Rose’s management has experience and this is a low risk area with proven oil and gas reserves..

The cash will be used to acquire 3D seismic for the Paradox acreage and complete a horizontal well at Mancos in the third quarter of 2014. The shut-in well on the Pardox acreage will be tested. There are potential partners interested in these projects. That could leave cash to make further acquisitions, although they may require further fundraisings. 

At 1.9p a share, the enlarged share capital is valued at £23.3m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2014_57.pdf

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