Rose Petroleum plc

Final staged payment re Farm-in Agreement and Directorate Change


Rose announces the final staged payment to RSOC for its farm-in Agreement and the Rt Hon Earl of Kilmorey PC will step down as chairman at the end of the year.

Farm-in Agreement

Rose Petroleum plc, the AIM-listed (AIM: ROSE) natural resources company, announces that it has made the final payment of US$500,000 to Rockies Standard Oil Company regarding the acquisition of a 75% working interest in acreage in the Uinta Basin and Paradox Basin, as announced on 17 March 2014. This payment is the final instalment of the total US$2.0m consideration due.

Directorate Change

Following six years as Chairman of the company, the Rt Hon Earl of Kilmorey PC, will be retiring and is stepping down from the Board of Directors at the end of the year. The Board wish to record their appreciation for his invaluable contribution to the Company.

Rose will look to appoint a new Chairman who will fit well with its North American oil and gas operations. Philip Jeffcock, currently a non-Executive Director will stand in as interim Chairman from year end.

Matthew Idiens, CEO, commented "It has been a pleasure and an honour to work with Richard for the past six years and the team and myself have learnt a great deal from his example and guidance. We wish him all the best for the future when he leaves us at the end of the year. We are also pleased to have made the final staged payment on our Utah assets which offer considerable potential with significant potential resources."