Update on Paradox Basin permitting process

RNS Number : 7974D

Rose Petroleum PLC

02 May 2017

 

2 May 2017

Rose Petroleum plc

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

Update on Paradox Basin permitting process

Technical Team Assembled

Rose (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce an update on the permitting process for its proposed 3D seismic survey in the Paradox Basin, Utah.

On 7 March 2017, the Company announced that the 15 day public consultation period for its 3D seismic shoot permit had formally begun. Following the completion of this period, and based on comments received, the Company has been informed by the Bureau of Land Management ("BLM") that certain questions raised in the comments received should have been addressed by the BLM in the original Environmental Assessment Study ("EA") that supports the permit application. As a result, Rose has now amended the shoot design to accommodate the points raised and resubmitted the documents to the BLM for its review. Once this review is complete, the revised and updated EA will be published and made available for a further 15 day public consultation period. The BLM has assured Rose that the revised timing of the granting of the permits will not impact the commencement of the proposed physical shoot in H2 2017.

Rose has now begun the process of assembling its technical team for the seismic shoot and has engaged the services of two key individuals: Dave List; and, Todd Fockler. Dave and Todd are geophysicists and both previously worked for Fidelity Exploration and Production Company on their Paradox seismic shoots and subsequent drilling programmes. Dave and Todd bring with them substantial relevant expertise and will help Rose to ensure that the technical and operational aspects of the shoot are managed in the optimal way.

Matthew Idiens, CEO, commented: "I am delighted to welcome Dave and Todd to the team and both have already made a considerable contribution to operations. Their extensive operational experience in the Basin will be of significant benefit to our programme going forward. The comments raised on the EA, although slightly delaying the grant of the permit, should have no effect on the actual shoot timing and has given us the opportunity to review the efficiency of the shoot and enabled us to optimise the data points which may enable a reduction in the overall cost, again as a result of the new technical team's input. We are looking forward to updating the market as progress is made."

Enquiries:

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

 

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