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Rose Petroleum completes Utah seismic programme

"I am delighted by progress that has been made in the field, we are well ahead of the schedule and I am encouraged by the feedback to date on the quality of data achieved,” said Matthew Idiens, Rose chief executive

onshore drilling operation
The seismic data will help identify drill targets

Rose Petroleum PLC (LON:ROSE) has completed its seismic programme in the Paradox basin, Utah, and the company now expects initial results to be ready before the end of the year.

The seismic programme, which covered a 50 square mile area, is a precursor to exploration drilling with the data expected to be used to identify five initial drill targets.

WATCH: Rose Petroleum wraps up seismic programme at Paradox Basin

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"I am delighted by progress that has been made in the field, we are well ahead of the schedule and I am encouraged by the feedback to date on the quality of data achieved,” said Matthew Idiens, Rose chief executive.

"We look forward to receiving the initial results of the data processing shortly.

READ: Rose Petroleum advances 3D seismic in Paradox basin, expected to complete ahead of schedule

“Further processing and interpretation of the data will be carried out to then define the drill targets. These are now expected in early Q1 2018, which will be an exciting start to the New Year.

“We will then commence permitting of the initial five drill target locations as soon as possible thereafter.”

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Price: 1.05 GBX

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