Rose Petroleum Raises GBP3.0 Million Through Share Placing (ALLISS)
LONDON (Alliance News) - Rose Petroleum PLC said on Friday it raised GBP3.0 million through a placing of 75.0 million shares at a price of 4.0 pence per share.
Shares in the natural resources company were down 13% at 4.11 pence on Friday.
Net proceeds from the placing will go towards completing the 3D seismic survey on Rose's oil and gas exploration acreage in the Paradox Basin, Utah in order to start drill permitting. The funds will also go towards providing working capital.
The survey will identify drilling locations for the initial drill programme scheduled for the second half of 2018, not just within the Paradox clastics, but also targets in the Leadville Limestone formation below the clastics.
"The board is delighted to have completed this transformational fundraise to fully finance the 3D seismic programme, and thanks new and existing investors for their support, albeit at a discounted valuation. The fundraise will enable us to commence fulfilling the long-term objective of realising the potential value of the Paradox Acreage. We have been waiting a long time to commence the seismic shoot, and we believe the seismic shoot can be the catalyst to deliver significant shareholder value," said Chief Executive Officer Matthew Idiens.
Rose Petroleum now has 97.6 million shares issued overall.
By Dayo Laniyan; [email protected]
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