(Alliance News) - Rose Petroleum PLC on Friday said Chief Executive Matthew Idiens is to leave the company after a transition to an "updated" management team.
Rose will be making further announcements about changes to the executive team during the next quarter, it said.
The company also appointed Rick Grant, co-founder and chair of Origin Creek Energy LLC, to its own board as a non-executive director, effective immediately. Origin Creek owns 15% of Rose's shares.
Executive Chair Colin Harrington said: "From the moment Matthew Idiens and I began discussing the next stage of growth for Rose, we both agreed the board should only be augmented with individuals who have blue-chip professional histories, strong industry networks, and proven management skills.
"Rick brings all the above, with deep sector knowledge, decades of organisational expertise and an enviable track record. We are thrilled to have him join Rose as we position the company for further growth in the domestic US."
Rose, whose main asset is an 80,000 net acre tenure in the Paradox basin in Utah, also released 2018 results on Friday, showing a pretax loss of USD761,000, narrowed from USD3.5 million the year prior.
Progress made in 2018 in Utah included a competent persons report released June, and the company is now preparing to start drilling, as long as it can find a suitable strategic and financial partner.
Rose shares were 27% higher on Friday morning at a price of 1.40 pence each.
