Completion of 3D Seismic Shoot in Paradox Basin

RNS Number : 3939U

Rose Petroleum PLC

24 October 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.

24 October 2017

Rose Petroleum plc

("Rose Petroleum" or the "Company")

Completion of the 3D Seismic Shoot in Paradox Basin, U.S.A

Rose Petroleum (AIM: ROSE), the AIM quoted natural resources business, is delighted to announce the completion of the acquisition of data from its 3D seismic shoot in the Paradox Basin in Utah, U.S.A.

As previously announced on 5 October 2017, drilling and recording teams had been mobilised for the shoot. Since then, excellent progress has been made and the 40 square mile data acquisition is now complete.  The shoot was completed without incident and as per the expected design, three weeks ahead of schedule and on budget.

The next phase is data clean-up prior to processing, followed by interpretation. The data clean-up process is expected to take approximately 10 business days, before transferring to processing. The initial review of the quality of the data acquired is very encouraging and the Directors believe it to be significantly higher quality than that acquired by previous programmes in the area.

In total, the shoot comprised 6,886 total receiver points and 4,665 total source points. The accelerated timeline was possible due to the vibrator truck set up change from two teams of four vibrator trucks to three teams of three vibrator trucks, enabling an average of 311 source points shot per day.  The "pickup" of all the recording lines has also now been completed and this concludes the programme of physical gathering of all the shoot data.

It is currently envisaged that the initial results from the shoot will be available before the end of the calendar year, ahead of the Company's forecasted timeline. Further processing and interpretation will be ongoing to define the drill targets and these are now expected to be completed in early Q1 2018, ahead of the previously targeted end of Q1 2018.

Once the targets have been identified, the Company plans to commence the permitting process for the initial five drill target locations.

 Matthew Idiens, Chief Executive, commented:

"I am delighted by progress that has been made in the field, we are well ahead of the schedule and I am encouraged by the feedback to date on the quality of data achieved.

"We look forward to receiving the initial results of the data processing shortly. Further processing and interpretation of the data will be carried out to then define the drill targets. These are now expected in early Q1 2018, which will be an exciting start to the New Year. We will then commence permitting of the initial five drill target locations as soon as possible thereafter.

"We look forward to keeping the market updated during this exciting period for the Company."

Enquiries:

Matthew Idiens (CEO) Chris Eadie (CFO)	Rose Petroleum plc	Tel: [phone] Tel: [phone]
Jeremy Porter / James Reeve / Liz Kirchner	Allenby Capital Limited	Tel: [phone]
Andy Thacker	Turner Pope Investments	Tel:  [phone]

 

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