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Rose Petroleum ‘very encouraged’ by initial results from Paradox 3D seismic

“First pass interpretation of the structures within the Cane Creek unit are very encouraging,” the company said in a statement.
oil and gas operations
Rose expects to have drill targets defined in around 6-9 weeks

Rose Petroleum PLC (LON:ROSE) has boasted of the ‘excellent quality’ of its initial results from the recent 3D seismic exploration programme in the Paradox basin, Utah.

Processing of the full seismic data is ongoing, albeit ‘now nearing completion’, though Rose is pleased with the results seen thus far.

READ: Rose Petroleum completes sale of Mexican mill for US$1.5mln

“First pass interpretation of the structures within the Cane Creek unit are very encouraging,” the company said in a statement.

“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.”

Rose expects the full data package will be processed in one week, and it anticipates that the data interpretation - which could take a further five to eight weeks thereafter - will lead to the definition of drill targets.

READ: Rose Petroleum completes Utah seismic programme

The company intends to start the permitting process for new wells once the targets have been defined.

Chief executive Matthew Idiens said: “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.”

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