Rose Petroleum
10940 S Parker Rd , Suite 884 , Parker, Colorado, United States

Rose Petroleum plc is an AIM listed multi-asset natural resources company with a team of experts that has successfully navigated the political and environmental landscapes in a diverse collection of regions. Its core asset is a substantial oil and gas acreage position, where a 3D seismic survey targeted a major clastic sandstone play in H2 2017.

CORPORATE RESPONSIBILITY

Rose Petroleum plc was co-founded by senior members of leading resources companies who believe that there is one level of corporate responsibility for all companies, no matter what the size.  Rose Petroleum plc has projects in a number of different geographic areas and has a commitment to uphold the highest standards of corporate responsibility wherever it operates. The primary aspects of the Company’s corporate responsibility programme are:

• ENVIRONMENTAL - On active projects we constantly observe operations to ensure that all activity sits well within environmental safety parameters. We have also taken steps to ensure that all parts of the portfolio are carefully assessed on a case by case basis with regard to development in the context of each locality.
• HEALTH AND SAFETY -  Our workforce is one of our key assets and we demand that our work crews abide by the highest levels of health and safety best practice. We periodically review safety at all sites.
• COMMUNITY - Whether through direct employment, supply purchase, land use or the environment, we take our responsibility to the communities very seriously. In a wider programme, we liaise with individuals regularly, face to face, by always having a presence wherever we work, as well as holding more formal community programmes. Our work with community leaders, regional and federal governments aims to give maximum transparency to all our operations and objectives. We hope to be long-term partners to our communities and develop with them.

Rose Petroleum’s primary asset is located in the Paradox Basin in Utah, USA.

In the Company’s interim financial statement, which was released to the market in September 2019, it was outlined that since joining Rose, the new operational team had undertaken a review of the project, including a detailed look at the historical activity carried out on the project and the ongoing farm-in process. The team also reviewed the timeframe and plan for spudding the first project well in line with the expectations of the U.S. Bureau of Land Management (” BLM”), who continue to push for the development of the project as soon as commercially possible and in spite of challenging market conditions.  The clear conclusion from this review was that the scale and potential of the project are of sufficient magnitude to justify the Company’s ongoing involvement in the project. The review also concluded that with more favourable positioning and better market conditions, investment from industry and financial partners can be achievable. Further, the review illustrated the need to balance the overall scale of the project with: 1) the current market backdrop; 2) timing obligations to the BLM; and 3) ongoing holding costs of the significantly sized acreage package.

On the basis of all of these factors, the Board elected to pursue a strategy for the project which included:

• Focusing on the most attractive acreage (as identified by the 3D seismic acquisition undertaken by the Company);
• Releasing acreage that the Company believes to be non-prospective or on too short a lease to merit further exploration work and / or expenditure; and
• Actively acquiring further contiguous acreage in areas the Board considers to have the greatest potential.