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Rose Petroleum (LON:ROSE) said it had made the final payment that completes a US farm-in deal as it announced the retirement of its chairman.
Earl of Kilmorey is stepping down after six years, with Philip Jeffcock, a non-executive director, taking the role on an interim basis.
“It has been a pleasure and an honour to work with Richard for the past six years and the team and myself have learnt a great deal from his example and guidance,” said chief executive Matthew Idiens.
In the same announcement Rose said it had paid the last US$500,000 instalment to Rockies Standard Oil that gives the AIM-listed group a 75% interest in acreage in the Uinta Basin and Paradox Basin. In total it has paid US$2mln.
Rose’s Idiens said the Utah assets offered “considerable potential with significant potential resources".
In total the two projects cover around 260,000 acres.
The shares rose 6% to 0.149p.