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Rose Petroleum adds more acreage in Utah

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Rose Petroleum (LON:ROSE) has acquired more land on both its shale and gas prospects in Utah ahead of the scheduled spudding of its first well later this year.

Matthew Idiens, Rose’s chief executive, said:  "We are pleased to be able to consolidate our land position further in the Unita basin ahead of spudding our first Mancos well, which I am happy to report remains on track for ahead of year end. The initial well location has been selected and permitting is well underway."

The new acreage comprises around 4,000 acres within the Mancos development area and 657 gross acres in its Gunnison Valley Unit in the Paradox development area. Rose said it paid was $188,000 for the leases or an average cost per acre of $40.33. 

Rose's independent consultant, Ryder Scott Company, will include the new acreage in a resource update currently underway at Mancos. In May 2014, RSC estimated the p50 collective total at Mancos and Paradox combined was 1.45 MMBO (million barrels of oil) and 4,792 BCFG (billion cubic feet gas).

Quick facts: Rose Petroleum PLC

Price: 1.05 GBX

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