- Oil company Rose Petroleum said it had delayed a planned acquisition in Colorado and made further cost cuts as it seeks to weather a sharp slump in oil prices.

Rose Petroleum said it had negotiated an extension to the proposed acquisition of a working interest in the McCoy lease.

The 317-acre leaseholding was situated in the Denver-Julesburg basin in Weld County, Colorado.

The period to close the initial acquisition, as well to exercise an option to up its interest, had now been extended until 31 December 2020.

The extension was granted at no additional financial cost to the company.

Chief executive Colin Harrington said deeper cost cuts would enable the company to continue trading effectively 'for the foreseeable future' while retaining its operational focus and capability.

Rose Petroluem also said that it planned to change its name to Zephyr Energy.

At 9:03am: [LON:ROSE] Rose Petroleum Plc share price was 0p at 0.53p

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