Rose Petroleum plc (AIM:ROSE) signed conditional sale and purchase agreement to acquire Parkyn Energy Germany Ltd from 3Legs Resources plc (AIM:3LEG) for €0.4 million on August 1, 2013. Under the terms of the transaction, Rose Petroleum will make an initial non-refundable payment of €0.3 million which is payable in order to secure the sale and purchase agreement and a payment of €0.1 million will be made following the renewal of the licences. For the year ended December 31, 2012, Parkyn Energy reported loss of €0.09 million (£0.07 million) and total assets of €0.64 million (£0.07 million) as at June 30, 2013. The transaction is subject to the subscription of new ordinary shares and is also conditional upon the renewal of the licences by the licencing authorities which is anticipated to be in the fourth quarter of 2013. Jeremy Porter and Alex Price of Allenby Capital acted as the financial advisors, Simon Rothschild of Bankside Consultants and Jonathan Charles and Jessica Johnson of Lionsgate Communications acted as the public relations advisors to Rose Petroleum plc. The currency conversions were made through www.oanda.com on December 31, 2012.


Rose Petroleum plc (AIM:ROSE) completed the acquisition of Parkyn Energy Germany Ltd from 3Legs Resources plc (AIM:3LEG) on January 20, 2014.