LONDON (Alliance News) - Rose Petroleum PLC on Monday announced it has raised cash to help it with appraisal activity, while there has also been a change of plan at board level.
In mid-April, Rose said incoming Executive Chair Robert Bensh would subscribe for 25 million new shares at 1.1 pence each, raising GBP275,000.
However, Rose has now raised GBP300,000 at 1.2p, issuing 25 million new shares to Origin Creek Energy LLC, an investor focused on the onshore US upstream sector. This will give Origin Creek a 15% stake in Rose.
Shares were 8.0% lower on Monday morning at a price of 1.43p each.
This new funding replaces that planned with Bensh, and Rose also said Bensh has left the board with immediate effect. Origin Creek's Chief Executive Colin Harrington will now become executive chair of Rose.
Rose said Bensh did not meet the terms of his commitment to the company, meaning his position as executive chair became untenable.
Rose Chief Executive Matthew Idiens said: "I am delighted to welcome Origin Creek as significant shareholders in the company and I look forward to Colin Harrington joining the board as executive chair."
"I believe Colin's extensive regional and operational expertise will be of great value to Rose as we look to optimise our portfolio and unlock additional opportunities in the upcoming months."
