Rose Petroleum PLC - Bermuda-headquartered insurance services company - Says it plans to change its name to Zephyr Energy PLC as part of its rebranding process as it posted a widened annual loss. Pretax loss for 2019 was USD3.0 million, widened significantly from USD978,000 recorded for 2018. Administrative costs were USD1.8 million, up from USD1.6 million. Looking ahead, the company said that while Covid-19 has hurt the US natural resource landscape, it has created opportunities as reflected by the number of companies filing for Chapter 11 protection from their creditors, increased asset sale activity and lower asset sale prices. It added that it is "now positioned as a clean, low-overhead, unlevered and value-focused vehicle from which to build."
Current stock price: 0.55 pence
Year-to-date change: down 46%
By Ife Taiwo; ifetaiwo@alliancenews.com
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