Paradox Acreage Update

RNS Number : 1385A

Rose Petroleum PLC

22 March 2017

 

22 March 2017

Rose Petroleum plc

("Rose" or the "Company")

Paradox Acreage Update

Rose (AIM: ROSE), the AIM quoted natural resource business, is pleased to provide an update on its Paradox acreage position, with the grant of a five year lease extension on State lands, as detailed below, within the Gunnison Valley Unit, Grand County, Utah.

Following an application to extend the State leases, Rose has received confirmation from the School and Institutional Trust Lands Administration ("SITLA" or "State") that it has granted an extension of 5 years for all eight  State leases that form part of the Gunnison Valley Unit, Grand County, Utah (the "Federal Unit"). The Federal Unit consists of a total of 64,482.97 acres of which Rose is earning a 75% working interest in 52,315.51 net acres. 

The 52,315.51 net acres are leased as follows:

·     6,257.39 acres are SITLA land ;

·     43,031.44 acres are The Bureau of Land Management ("BLM") land; and,

·     3,026.68 acres are private fee land.

Although the SITLA land has no bearing on the overall Federal Unit itself, this lease extension does preserve the ability to develop the State land as well as the BLM acreage once the 3D seismic shoot is completed later this year. 

Matthew Idiens, CEO, commented: "Due to the progress we are making on the 3D seismic shoot programme, the State has agreed to extend the leases which is a very encouraging show of support. We look forward to updating the market further on the seismic permitting process in due course."

Prior to publication, certain information contained within this announcement was deemed to constitute   inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.

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]
James Pope / Ben Turner	Turner Pope Investments	Tel:  [phone]

 

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