Rose, the Rocky Mountain-focused oil and gas company, announces its audited results for the year ended 31 December 2019.
2019 was a year of transformation for Rose. Milestones included:
· A changing of the Board of Directors, with four of the five current Directors added during 2019, including a new Chairman and a new CEO. New Directors have significant experience in the upstream oil and gas sector, especially as related to operations, governance, acquisitions and turnarounds. Members of the new Board have purchased over 25% of Rose's share capital in order to be fully aligned with other shareholders;
· A sharpening of focus - we are now 100% focused on responsible exploration and production ("E&P") investment in the Rocky Mountain region. The Group has closed all former subsidiaries not related to this singular focus;
· A major restructuring of the Paradox Basin asset, which reduced project lease costs while granting direct working interest ownership and an extension of multiple lease terms;
· The creation of a technology-led acquisition process designed to rapidly assess and acquire distressed E&P assets;
· The announcement of a potential acquisition of the McCoy lease, a working interest in a two-mile horizontal redevelopment project operated by one of the most active industry participants in the DJ Basin;
· The potential addition of further interests through acquisition, farm-in agreements or joint venture arrangements;
· The redoubling of ESG efforts, including the broadening of Board level talent and corporate governance compliance;
· The leveraging of partnerships (such as the U.S. Department of Energy, experienced operators in the DJ Basin and private equity investors); and
· Tight financial control and cash conservation efforts.
In light of the significant changes above, the Board has proposed a name change and rebranding of the Company. Subject to shareholder approval at the Company's 2020 Annual General Meeting, the Board intends to change the name of the Company to Zephyr Energy plc.
Rick Grant, Non-Executive Chairman, said:
"2019 was a transformative year for Rose. The Company is now positioned as a clean, low-overhead, unlevered and value-focused vehicle from which to build. I believe we have the team, strategy and value set to deliver on all of our ambitious objectives, and I look forward to the future with cautious optimism."
Annual report and notice of Annual General Meeting
The Company also announces that its Annual General Meeting of shareholders ("AGM") will be held at 2 p.m. on 29 July 2020.
Currently, shareholders are strongly advised to not attend the annual general meeting given the Stay at Home Measures currently in force to limit the spread of COVID-19. Shareholders who do seek to attend the general meeting will not be admitted to the meeting. Shareholders are strongly urged to vote by proxy in advance of the deadline by completing their form of proxy in accordance with the instructions and further details are set out in the form of proxy.
The Company also announces that with effect from today, Turner Pope Investments Limited is now the Company's sole broker.