Business
Update & Proposed Board Changes
Update & Proposed Board Changes.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2538U Rose Petroleum PLC 28 March 2019 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n28 March 2019\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nOperations and Strategy Update and Proposed Board Changes\n \nFurther to its Operations Update announcement on 6 December 2018, Rose Petroleum plc (AIM: ROSE), the AIM-quoted natural resources business, is pleased to provide an update on its recent activities in the U.S.A and to outline the strategic direction of the Company.\nThe December update outlined that the Company, subject to funding and rig availability, was at an advanced stage of readiness in respect of being able to spud the GV 22-1 well on its acreage in the Paradox Basin, Utah, U.S.A (the \"Paradox\" or the \"Paradox acreage\"). The update went on to say that it hoped that an appropriate rig would be available in Q1 2019 by which time it was hoped that funding would have been arranged to enable the commencement of spudding of the GV 22-1 well.\nThe Company continues to keep up its search for an available rig so that it is able to kick off drilling operations as soon as possible after the funding is secured.\nThe drilling permit for the GVU29-1 well within the Gunnison Valley Unit has also now been approved, the second permit granted on the Paradox acreage, providing options for a multi-well drilling programme once funding is secured. We would like to thank the Bureau of Land Management for its ongoing commitment and support to Rose and the project. Negotiations with potential partners in respect to both a farm-in and other funding options on the Paradox acreage have continued throughout this quarter, however, the Board acknowledges that obtaining a commitment on appropriate terms has taken longer than anticipated.\nAs a result of the delay in securing funding, and with awareness of concerns raised by shareholders, the Board has decided to bring in experienced industry directors who can assist with the execution of the Company's strategy. The Company is very pleased to announce tha...