Rose Petroleum PLC Paradox Basin 3D Seismic and Operations Update (2203Y)
December 04 2017 - 2:00AM
UK Regulatory
TIDMROSE
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 info@turnerpope.com or call
+44 (0) 20 3621 4121.
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:
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
Media enquiries:
Allerton Communications Tel: +44 (0) 20 3633
1730
Peter Curtain peter.curtain@allertoncomms.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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