Rose Petroleum announce Oil & Gas operations update and Technical Team appointments
Rose Petroleum (AIM: Rose), the AIM-listed natural resources company, is pleased to announce theprogress it is making with its initial phase of development in both the Paradox and Mancos project areas and that these are proceeding very much in accordance with Rose’s development plan.
The final design of a 61 square mile 3D seismic survey has been completed and Dawson Geophysical Company has been awarded the acquisition phase of the seismic programme. The Notice of Intent for the 3D has been filed with the Bureau of Land Management (BLM) and the permitting process is underway.
The completion design of the 16-42 Shut in Paradox well in the Gunnison Valley Unit is being finalised and contractors are being secured for the completion of this well, which is anticipated to take place in Q4 this year.
The location of the initial Mancos well has been selected with the use of 2D seismic and well control from surrounding data. The drilling contractor for this well is being secured with a spud date scheduled Q4 this year.
Lastly, as identified during the Company’s recent fundraising, further details of which were announced on 20 June 2014, Rose is continuing to evaluate a potential strategic acquisition for which the due diligence phase is underway. This potential acquisition, which will be funded out of the proceeds of the Company’s fundraising in June 2014, is in the Mancos project area and, should the board determine that it would be in the interests of shareholders to do so, Rose anticipates closing this during Q4 2014. Further details will be announced at the appropriate time.
Technical Team Appointments
Rose has completed the initial phase of hiring for its US Oil & Gas technical team with the appointments of David Patterson as Vice President of Geology and Savilla Cribbs, Geological and Engineering Technician. Both have already started at Rose’s new Denver office.
David is an exploration manager and geoscientist with 32 years of experience. His experience covers the full spectrum of disciplines in unconventional and conventional oil & gas exploration. He joins Rose from Ultra Petroleum where he managed the geoscience staff for ongoing company operated and non-operated drilling and completions.
Savilla joins Rose as a technician with over 12 years of experience. She joins from Samson Resources where she ran pre-drill data on oil prospects in the Greater Green River and Powder River Basins and tracked reserves for quarterly and annual reporting to the qualified Person.
Group CEO Matthew Idiens commented: “With the team now in place it’s all hands to the pumps and I am pleased with the progress we are making and the momentum now building on the operational front. I am confident we now have an experienced ops team is place to drive these projects forward. We look forward to drilling and completing our first wells later this year and we will keep the market posted in regards to how this progresses.”
Source: Rose Petroleum plc