In the company’s interim results statement, for the six months ended 30 June, the company highlighted the changes to its management team over the summer and its revised focus on oil and natural gas opportunities in ‘the US Rocky Mountain region’.
Its new strategy is to grow the asset portfolio via value-accretive production and development acquisitions, the first of which is presently being reviewed under an exclusivity agreement.
At the same time, in Utah, the Paradox basin assets were put on review in order to optimise project potential while reducing costs.
Harrington said: “In the company's recent annual report, I said that Rose had strong prospects for growth, both from its existing portfolio and from the potential of carefully targeted acquisitions.
“I now believe we have positioned the company to deliver growth from both its existing portfolio and from carefully targeted acquisitions, and I'm excited about the next steps in our process of transformation."
In terms of financial results, Rose reported a US$817,000 loss for the first half including US$824,000 of admin expenses and US$146,000 of project development costs (there was also a positive US$126,000 impact for currency exchange).
Rose ended June with US$461,000 of cash and equivalents and was due some US$398,000 of receivables.