Rose Petroleum PLC Commencement of Recording at 3D Seismic Shoot (7471S)
October 05 2017 - 2:00AM
UK Regulatory
TIDMROSE
RNS Number : 7471S
Rose Petroleum PLC
05 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.
5 October 2017
Rose Petroleum plc
("Rose Petroleum" or the "Company")
Commencement of Recording at the 3D Seismic Shoot in Paradox
Basin, U.S.A
Rose Petroleum (AIM: ROSE), the AIM quoted natural resources
business, is pleased to provide an update on operational activity
on the ground in Utah following receipt of funding from the recent
equity placing for the 3D seismic shoot in the Paradox Basin.
Having commenced operations prior to the funding being in place,
Rose Petroleum is now well on track with the seismic shoot and
should complete it well ahead of the Company's year-end target. The
project is now one month into operations, post final permitting,
and considerable progress has been made across the 40 square mile
shoot area.
The surveying work, to mark source point and receiver points for
the seismic work is now completed and Xtreme Drilling, the drilling
contractor, has now mobilised five drilling rig crews and has
commenced the drilling of the 405 shot holes required for the
shoot. The drill crews are expected, weather permitting, to
complete the shot hole drilling programme by mid-October.
Dawson Geophysical, the Company's turnkey consultants, has
mobilised their recording crew and all equipment required for the
shoot is now on site. The recording crew have completed their
seismic sweep tests that define the actual parameters by which the
seismic crews will begin recording data. Strength of signal and
time of signal were tested in different frequencies and then
analysed to see which produces the best quality data. The
parameters are now set with data quality appearing to be excellent.
The recording of the entire 40 square mile shoot commenced on 4(th)
October and, weather permitting, is expected to take approximately
five weeks.
The balance of funding expected from the recent equity placing,
which is subject to the passing of the resolutions at the Company's
general meeting on 9 October 2017, will provide the working capital
for the Company to undertake the follow up work from the seismic
shoot and commence drill permitting.
Matthew Idiens, Chief Executive, commented:
"I am delighted by the significant progress being made in the
field and would like to thank both our consultants and the BLM for
the fantastic job they are doing on site. The seismic is key to
unlocking the acreage, by not only identifying drill targets but
also steering the horizontal leg of the wells. The quality data and
the track record of the team we have assembled to deliver a
successful drill programme puts us in a strong position going
forward.
According to our technical team, who have significant seismic
shoot experience in the area through their time at Fidelity, the
quality of the data achieved during the sweep parameter tests is
some of the best they have seen to date in the basin, which is
extremely encouraging. I look forward to keeping the market
informed as the shoot progresses."
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
END
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