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Rose Petroleum PLC

Rose Petroleum boosted by corroborating Schlumberger study at Paradox project

“We look forward to working with Schlumberger to integrate these results as we further refine the GVU22-1 well trajectory"

oil and gas operations
The proposed well is seen to be "situated optimally"

Rose Petroleum PLC (LON:ROSE) has highlighted the findings of a Schlumberger study of the Gunnison Valley Unit (GVU) project area in Utah’s Paradox basin.

The fracture characterisation study’s detailed analysis of the proposed GVU22-1 well location concluded that it would be situated optimally.

READ: Rose Petroleum aims for first quarter drilling in Utah

It added that the results describe that fractures are more intensely developed across the fold axes and as expected, are not uniformly distributed across the field area, which according to Rose strongly validates the use of 3D seismic in the basin.

"This study corroborates our internal work and is consistent with the work performed by Gaffney Cline & Associates for the competent persons report,” said Matthew Idiens, Rose Petroleum chief executive.

“It reinforces the assessment of the Clastic 21 reservoir as a naturally fractured reservoir and illustrates the value of drilling the 22-1 well.

WATCH: Rose boss discusses Schlumberger study at Paradox

He added: “This well has been designed to assess the commercial viability of the Clastic 21 reservoir within the GVU area and to test the potential for 90-day initial production rates of up to 1,600boe/d as seen at the Cane Creek Field, south of the GVU acreage.

“We look forward to working with Schlumberger to integrate these results as we further refine the GVU22-1 well trajectory."

In afternoon trading, Rose Petroleum shares were 14% higher at 2.85p.

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Quick facts: Rose Petroleum PLC

Price: 1.025 GBX

Market: AIM
Market Cap: £2.94 m
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