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Rose Petroleum gets green-light for Paradox basin exploration programme

Operations for the planned seismic programme are now anticipated to get underway from the start of September.

Onshore oil drilling
Rose Petroleum is in talks regarding its funding options

Rose Petroleum PLC (LON:ROSE) has now secured all necessary permits and permissions for its planned 3D seismic exploration programme in Utah’s Paradox basin, onshore United States.

The permitting process for the proposed survey is now complete, the company said in a statement.

Operations are now anticipated to get underway from September 1, it added.

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Landmark moment for the company

"The securing of the approvals is a landmark moment for the company and I'd like to thank everybody involved in the permitting process for their hard work and commitment in finally getting us to this point,” said Matthew Idiens, Rose chief executive.

“We have all been waiting for this moment for some time, to be able to commence operations in the Paradox Basin, which will finally enable us to initiate the value creation from the project.

He added: "Our seismic shoot team has already commenced the optimisation designs for the final shoot parameters and as a result of their significant operational experience within the Basin, we expect to be able to cut costs and maximise the efficiency of the shoot.”

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Rose told investors it is presently in dialogue with a number of third parties about potential funding options for the project, including both the pending seismic and future drilling.

Quick facts: Rose Petroleum PLC

Price: 1.05 GBX

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