22nd Apr 2015 10:29
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 were down 11% to 1.14 pence per share late Wednesday morning.
Blair was the chief executive of Rose Petroleum (US) LLC and Rose Petroleum (Utah) LLC, but has "decided to leave the company" for unstated reasons.
Current Senior Vice President of Operations Ty Watson has been appointed as president of Rose Petroleum (US) LLC and will head-up Rose's oil and gas operations, said the company. Rose did not state who would head up the Utah subsidiary.
Watson is a petroleum engineer with 30 years of experience in drilling and completion operations, and in 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 & Gas.
Watson will lead the oil and gas team on the ground in developing the company's three onshore US exploration, development and production projects, including its assets over the Paradox and Uinta Basins of eastern Utah, Rose Petroleum said.
"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 Rose Petroleum Chief Executive Matthew Idiens.
"He has a proven track record in increasing production, reducing drill time and lowering well costs and, together with our strong board and team on the ground, I believe he will leverage this to deliver on our strategy," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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