16th Nov 2015 09:30
LONDON (Alliance News) - Rose Petroleum PLC on Monday said it has made the final payment on its farm-in agreement for assets in Utah and said its chairman will step down at the end of the year.
Rose said it has made the final USD500,000 payment to Rockies Standard Oil Co on the acquisition of a working interest in the Uinta Basin and Paradox Basin sites in Utah. The payment is the final instalment of the total USD2.0 million due on the farm-in agreement.
Rose also said Chairman Richard Needham is to step down at the end of the year. The company will seek to appoint a new chairman who will fit well with its North American oil and gas operations. Philip Jeffcock, currently a non-executive director, will be interim chairman.
Shares in Rose were up 7.1% to 0.15 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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