Rose Petroleum - Capital Network: An Encouraging Update
Published: 20:31 23 Oct 2017 AEDT
Rose Petroleum plc (LON:ROSE) provided an update on the likely completion date for the 3D seismic survey they are in the process of acquiring in the Paradox Basin, following the successful completion of a £3M funding. The 3D seismic data will be key to identify drill targets in the Cane Creek interval and other potential clastic reservoirs of the Paradox Formation, but also to steer the horizontal leg of the wells within the natural fracture system for optimal drilling and completion. Data acquisition started on 4/10/17 and should take up to five weeks; management expects to be in a position to select drilling targets by the end of the first quarter 2018. We have updated our project timeline accordingly, and believe the Company is well on track and has also indicated it may well advance this timeline. Management also identified a source of potential in the Leadville Limestone formation, additional to the resources estimated by Ryder Scott in 2014, in which the 3D seismic could identify potential structures.
Executive summary
Given the expected time to complete the acquisition of the 3D data, as well as go through the processing and interpretation phases, management expects to be in a position to select drilling targets by the end of the first quarter 2018 latest and this is likely to be accelerated.
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities,...
In exchange for publishing services rendered by the Company on behalf of Zephyr Energy PLC named herein, including the promotion by the Company of Zephyr Energy PLC in any...
FOR OUR FULL DISCLAIMER CLICK HEREThis document is published by Proactive Research and its contents have not been approved as a financial promotion by Proactive Investors Limited or any other FCA authorised person. This communication is made on the basis of the 'journalist exemption' provide for in Article 20 of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and having regard to the FCA rules, and in particular PERG 8.12.
Where the note contains a ‘buy, sell, hold’ recommend, Proactive Investors Limited is authorised to provide investment advice as defined by Article 53 of the RAO
FOR OUR FULL DISCLAIMER CLICK HERE