Hydrocarbon Licence Update
Update on agreement to acquire hydrocarbon licences over 635,000 acres in Western Europe
Rose Petroleum ("Rose"), the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce an update in relation to its agreement to acquire two hydrocarbon licences over 635,000 acres (the "Licences"), further details of which were contained in Rose's announcement on 5 August 2013.
Under the terms of the conditional sale and purchase agreement (the "SPA"), Rose made an initial non-refundable payment of €300,000 to secure the SPA. A further €100,000 is to be paid following the renewal of the Licences at which point the acquisition will be completed and Rose will become the 100% owner of the entities to which the Licences have been granted.
The Licences have been renewed and are currently subject to a 30 day period during which any legal challenges to their renewal can be filed. This 30 day period expires on 19 January 2014 following which, the SPA is scheduled to be completed.
Matthew Idiens, CEO, said: "We look forward to completing this transaction on the 20th January and building on this initial acquisition, I am very excited by the progress being made in the new direction the company is taking and look forward to updating the market soon on further developments."