28th Mar 2019 10:34
LONDON (Alliance News) - Rose Petroleum PLC on Thursday announced a shake up of its board as it continues to experience a delay in funding for work in Utah.
Rose in December said it was at "an advanced stage of readiness" to start drilling the GV 22-1 well in the Paradox basin subject to finding an available rig and funding.
Rose had hoped to have this done during the first quarter, but a search is still ongoing for both a rig and funding.
Elsewhere in Utah, the company secured a drilling permit for the GVU29-1 well in the Gunnison Valley, though negotiations with possible farm-in or funding partners are taking "longer than anticipated".
As a result, Rose has made some board changes. It has hired David Sefton as non-executive chair and James Berwick as a non-executive director.
Both have "extensive" experience in oil and gas across the world, and Sefton and Berwick are currently executive chair and chief executive respectively of London-listed Anglo African Oil & Gas PLC.
"They have worked with many of the world's leading international and national oil companies and in addition to their experience bring extensive networks in both the oil & gas industry and the financial markets," said Rose.
"The current board believes David and James have the skills and experience required to enable Rose to build a strong and sustainable company positioned for growth. Their appointment is subject to regulatory due diligence and further updates will be provided in due course."
To maintain an "appropriate" number of board members, Philip Jeffcock, who is the current non-executive chair, and Non-Executive Director Kelly Scott will depart the board once Sefton and Berwick have joined.
Chief Executive Matthew Idiens commented: "While we share shareholders' frustration at the length of time it is taking to secure a farm-in partner for the Paradox project, the level of interest shown does reinforce our views as to the underlying value and potential in our asset.
"In this context, I am very pleased David and James have agreed to join the board. This is a critical time for the company. We have an asset capable of delivering real value for shareholders and we realise that we need to add certain skills and networks to unlock that value. David and James are the right people to help us do so."
Shares were 6.2% lower on Thursday at a price of 1.22 pence each.
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