22nd Apr 2015 08:02
LONDON (Alliance News) - Rose Petroleum PLC shares plummeted on Wednesday after it said John Blair, the chief executive of the company's two wholly owned oil and gas subsidiaries, has resigned with immediate effect and been replaced with the group's current senior vice president of operations.
Rose Petroleum shares fell 11.3% to 1.13 pence per share on Wednesday morning.
Blair was the chief executive of Rose Petroleum (US) LLC and Rose Petroleum (Utah) LLC. The company's current Senior Vice President of Operations, Ty Watson, has now been appointed as president of Rose Petroleum US LLC and will head-up Rose's oil and gas operations, said the company.
Watson is a petroleum engineer with 30 years of experience in drilling and completion operations, business development and acquisitions in basins across the US and has held roles at Schlumberger, Shell Rocky Mountain, Williams Production Co, Enerplus and Great Western Oil and Gas.
"Ty Watson and John Blair have worked together in developing our US onshore oil and gas assets since Ty joined Rose in 2014. Ty has a strong understanding of our significant oil and gas acreage and current campaign focused on building value in our portfolio, and we welcome him in his new role as head of oil and gas operations," said Group Chief Executive Matthew Idiens.
By Joshua Warner; [email protected]; @JoshAlliance
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