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Rose Petroleum - Capital Network: An Encouraging Update

Rose Petroleum plc (LON:ROSE) provided an update on the likely completion date for the 3D seismic survey they are in the process of acquiring in the Paradox Basin, following the successful completion of a £3M funding. The 3D seismic data will be key to identify drill targets in the Cane Creek interval and other potential clastic reservoirs of the Paradox Formation, but also to steer the horizontal leg of the wells within the natural fracture system for optimal drilling and completion. Data acquisition started on 4/10/17 and should take up to five weeks; management expects to be in a position to select drilling targets by the end of the first quarter 2018. We have updated our project timeline accordingly, and believe the Company is well on track and has also indicated it may well advance this timeline. Management also identified a source of potential in the Leadville Limestone formation, additional to the resources estimated by Ryder Scott in 2014, in which the 3D seismic could identify potential structures.

Executive summary

Given the expected time to complete the acquisition of the 3D data, as well as go through the processing and interpretation phases, management expects to be in a position to select drilling targets by the end of the first quarter 2018 latest and this is likely to be accelerated.

Quick facts: Rose Petroleum PLC

Price: 1 GBX

AIM:ROSE
Market: AIM
Market Cap: £2.87 m
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Lionel Therond on Rose Petroleum

Lionel Therond talks through Rose Petroleum and the completion of the initial structural interpretation of the 3D seismic data it acquired over its Gunnison Valley Unit (GVU) which is part of its larger lease holding in the Paradox Basin, Utah, U.S.A.

on 02/26/2018

5 min read