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Rose Petroleum brings in £1mln of new capital to support Paradox basin plans

Matthew Idiens, chief executive of Rose Petroleum PLC (LON:ROSE), tells Proactive's Andrew Scott they've raised £1mln of new capital to support their plans in Utah’s Paradox basin.

Some £633,920 of the raise is conditional upon shareholder approval, at an general meeting that will now be convened on May 21.

The funding proceeds will be used to advance the group’s assets in the Paradox basin – it will support the completion of a new competent persons report, and, significantly, help advance key preparations to make its prospects ‘drill ready’.

Quick facts: Rose Petroleum PLC

Price: 1.475 GBX

AIM:ROSE
Market: AIM
Market Cap: £2.52 m
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Rose Petroleum announces CPR results for Paradox basin in Utah

Matthew Idiens, chief executive officer of Rose Petroleum PLC (LON:ROSE) tells Proactive that the company has presented a new competent person's report (CPR) assessing its Paradox basin in Utah, United States. “We’ve put a lot of effort into the geological assessment and these were...

on 22/6/18

2 min read