Paradox Basin 3D Seismic and Operations Update

RNS Number : 2203Y

Rose Petroleum PLC

04 December 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.

4 December 2017

Rose Petroleum plc

("Rose", the "Company" or the "Group")

Update on Paradox Basin 3D Seismic Processing and Interpretation and Operations Update

Rose (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce that following the completion of the 3D seismic acquisition, as announced on 24 October 2017, the processing of the data acquired is now nearing completion and initial data provided by our processing consultants, 3D Imaging Technology, is of excellent quality. First pass interpretation of the structures within the Cane Creek unit are very encouraging. Multiple structures that are likely to contain natural fractures are visible and work will now focus on detailed mapping and reservoir characterisation to better define them and identify targets for drilling.

The processing of the data is expected to be completed in one week and interpretation work will continue to define the drill targets within the Paradox Clastics. The interpretation process is expected to take around 5 to 8 weeks, including the holiday period, with final defined targets expected to be identified at that point. At that stage, permitting of the drill locations is expected to commence.

Well design engineering is also underway to outline the well options available to Rose in preparation for completion of the subsurface evaluation. The key focus will be to deliver a safe drilling operation in the most cost effective manner possible.

Matthew Idiens, CEO commented: "We are very encouraged by the initial results of the data acquisition. The data quality is excellent and will enable us to clearly define our drill targets within the Paradox Clastics. I would like to take this opportunity to thank our contractors and consultants who have done excellent work on our behalf on this project so far."

The Company will be presenting at an investor presentation in London later today, organised by TPI and announced previously. To register your interest, please email [e-mail] or call [phone].

Rose also announces the launch of its new website, which has been redesigned and updated to reflect the Company's strategy and development. The web address is unchanged. See www.rosepetroleum.com

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]

Media enquiries:

Peter Curtain

Allerton Communications

Tel: [phone] [e-mail]

 

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