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Rose Petroleum says 3D seismic still on track for second half despite delay in permitting

Documents have been resubmitted to the Bureau of Land Management after questions were raised during public consultation.

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Rose also added experienced staff to its technical team.

Rose Petroleum PLC (LON:ROSE) continues to look forward to its planned 3D seismic programme in Utah’s Paradox basin during the second half of this year.

The company today updated investors on the ongoing permitting process for the seismic work, following a request for more information by the Bureau of Land Management (BLM).

Rose noted that questions raised during a period of public consultation required the company to submit further information and to submit a revised seismic shoot design. It has submitted the relevant documents to the BLM for review.

WATCH: 3D seismic shoot at Paradox Basin 'still on track', says Rose boss

There will be a further 15 public consultation period, once the BLM’s review is complete.

“The comments raised on the Environmental Assessment Study, although slightly delaying the grant of the permit, should have no effect on the actual shoot timing and has given us the opportunity to review the efficiency of the shoot and enabled us to optimise the data points which may enable a reduction in the overall cost, again as a result of the new technical team's input,” said Mathew Idiens, Rose chief executive.

“We are looking forward to updating the market as progress is made."

Rose also highlighted new appointments to its technical team, with Dave List and, Todd Fockler joining. Both men have previously worked on seismic shoots and drilling programmes in the Paradox basin.

“I am delighted to welcome Dave and Todd to the team and both have already made a considerable contribution to operations. Their extensive operational experience in the Basin will be of significant benefit to our programme going forward,” Idiens added.

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Price: 1.05 GBX

AIM:ROSE
Market: AIM
Market Cap: £3.01 m
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