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Rose Petroleum reveals new resource numbers for Paradox play

“These metrics highlight the substantial scale and prospectivity of the Paradox project," said chief executive Matthew Idiens

oil and gas operations
The estimates are for only 17,250 acres of an 80,000 acre portfolio

Rose Petroleum PLC (LON:ROSE) has revealed the details of a new competent persons report assessing its Paradox basin acreage, in Utah, United States.

The new report, which is informed by recently acquired 3D seismic data, presents resources estimates for a 17,250 acre area (of a total 80,000 net acres in the Rose portfolio) and it solely features a single reservoir the Cane Creek reservoir, which is one of multiple prospective reservoirs in the play.

WATCH: Rose Petroleum announces CPR results for Paradox basin in Utah

It sees some 15.6mln barrels of gross 2C contingent resource and 31.23bn cubic feet of gas, which equates to 9.25mln barrels and 18.5bn cubic feet net to Rose. Those net resources were valued in the CPR at US$122.4mln (discounted net present value) pre-tax.

The 3C figures, meanwhile, envisage 31.49mln barrels of oil and 110bn cubic feet gross, 18.66mln barrels and 65bn cubic feet net.

"We are hugely encouraged by the reclassification of Contingent Resources within the 3D seismic acquisition area,” said Matthew Idiens, Rose chief executive.

“These metrics highlight the substantial scale and prospectivity of the Paradox project. The NPV estimate clearly demonstrates the significant upside potential compared to the Company's current valuation and this covers only a small portion of the total acreage position."

"This assessment very much justifies our appraisal plans, which will be the first combination of horizontal drilling steered by the 3D seismic data on Rose acreage.”

Idiens added: “We are working hard to evaluate the remaining Clastic 21 potential outside the 3D area and shallower prospective zones both within the 3D area and beyond, which represent further upside opportunities within Rose's existing acreage footprint."

"The farm-in process continues and is now supported by the CPR independently validating the geological and economic strength of the project."

Quick facts: Rose Petroleum PLC

Price: 0.55 GBX

AIM:ROSE
Market: AIM
Market Cap: £1.58 m
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Rose Petroleum announces CPR results for Paradox basin in Utah

Matthew Idiens, chief executive officer of Rose Petroleum PLC (LON:ROSE) tells Proactive that the company has presented a new competent person's report (CPR) assessing its Paradox basin in Utah, United States. “We’ve put a lot of effort into the geological assessment and these were...

on 22/6/18

2 min read