Rose Petroleum PLC Completion of 3D Seismic Shoot in Paradox Basin (3939U)
24 October 2017 - 5:00PM
UK Regulatory
TIDMROSE
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:
Rose Petroleum Tel: +44 (0)
plc 20 7225 4595
Matthew Idiens (CEO) Tel: +44 (0)
Chris Eadie (CFO) 20 7225 4599
Jeremy Porter / James Allenby Capital Tel: +44 (0)
Reeve / Liz Kirchner Limited 20 3328 5656
Andy Thacker Turner Pope Tel: +44 (0)20
Investments 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
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