Rose Petroleum PLC Grant of Permits for Paradox Basin Seismic survey (5965O)
August 22 2017 - 1:01AM
UK Regulatory
TIDMROSE
RNS Number : 5965O
Rose Petroleum PLC
22 August 2017
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
22 August 2017
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Grant of Permits for Paradox Basin Seismic survey
Rose (AIM: ROSE), the AIM quoted natural resources business, is
delighted to announce that it has now received all necessary final
approvals for its 3D seismic survey on its oil and gas exploration
acreage in the Paradox Basin, Utah (the "Paradox Acreage") and the
permitting process for the proposed survey is now complete. On 24
July 2017, the Company announced that it had received its final
approvals from the Bureau of Land Management ("BLM"), which covers
the Federal acreage of the Paradox Acreage. The Company has now
received final approval from the Utah School and Institutional
Trust Lands Administration ("SITLA") in respect of the State
acreage of the Paradox Acreage. The SITLA approval was the final
stage in the overall permitting process. The permits for the
seismic survey cover an area of 61 square miles within the Paradox
Acreage. Under the terms of the permits, the Company is able to
commence operations from 1 September 2017.
As announced on 2 May 2017, the Company has assembled a highly
experienced technical and operational team with specific Paradox
Basin experience to assist in the completion of the seismic survey
and the subsequent drilling program and the team has now been
mobilised to finalise the optimisation and design of the survey
within the permitted area.
The Paradox Basin is a natural fracture driven basin, meaning
that the drilling process targets "fracture swarms" to enable the
natural fracturing to provide the commercial flow rates so
"hydraulic fracking" is not usually required. The 3D seismic survey
is an essential part of identifying these fracture networks and
therefore an essential path to unlocking the value of the Paradox
Acreage. The Company is in dialogue with a number of third parties
about potential funding options for both the 3D seismic survey and
the subsequent drilling programme.
Matthew Idiens, CEO, commented:
"The securing of the approvals is a landmark moment for the
Company and I'd like to thank everybody involved in the permitting
process for their hard work and commitment in finally getting us to
this point. We have all been waiting for this moment for some time,
to be able to commence operations in the Paradox Basin, which will
finally enable us to initiate the value creation from the
Project.
"Our seismic shoot team has already commenced the optimisation
designs for the final shoot parameters and as a result of their
significant operational experience within the Basin, we expect to
be able to cut costs and maximise the efficiency of the shoot.
"We look forward to keeping the market updated in respect of
both the progress on the ground and in respect of our funding
options."
Enquiries:
Matthew Idiens (CEO) Rose Petroleum Tel: +44 (0) 20
Chris Eadie (CFO) plc 7225 4595
Tel: +44 (0) 20
7225 4599
Jeremy Porter / James Allenby Capital Tel: +44 (0) 20
Reeve / Liz Kirchner Limited 3328 5656
James Pope / Ben Turner Turner Pope Investments Tel: +44 (0)20
3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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