ROSE 5 DRILL CAMPAIGN12 Mar 2018 09:19
To anyone new looking in today
ROSE is a 5 drill initial campaign. The company is currently progressing the Application for Permit to Drill (APD) process for the highest priority drill target locations with a view to drilling its first well in H2
2018. Rose confirms that it is fully funded for these permitting activities
The Turner Pope note provides a good summary of what is on offer.
http://rosepetroleum.com/2018/01/29/turner-pope-research-note-29th-january-2018/
Of course on the downside ROSE needs funding for the drill campaign. We think about $10m. This is onshore easy drilling following a fracture down to the oil. ROSE says "The company will use this exciting opportunity, (US NAPE conference in Feb) to meet potential investors with a view to acquiring partners and investors to fund future drilling activities through joint venture or farm-in agreements. With negotiations of this description already underway, we expect news flow to accelerate over Q1."
Many think we are going for a dilution but I am not so sure so I have loaded up 50% of my target investment now and will do the other 50% when the funding is sorted.
Other useful documents.
2014 Ryder Scott Report COMPETENT PERSONS REPORT, (available on website)
ROSE 3D PARADOX BASIN INVESTOR EVENING PRESENTATION DEC 4TH, (available on website)
RNS 29.01.2018 (re sesimic results)
The structural interpretation, which is an ongoing process, has to date identified 53 well locations in the Cane Creek reservoir zone alone, within the 20 square miles of the GVU lease holding covered by the 3D seismic data. The initial internal resource estimates are consistent with the report prepared by our independent resource analysts, Ryder Scott, in their April 2014 report for the Grand Main leasehold area (85 square miles), which includes the GVU acreage. This report suggests that for the 20 square mile area covered by the 3D, the gross resource potential is as follows:
� Mean unrisked undiscovered Original Hydrocarbon in Place of 450 million barrels of oil equivalent (mmboe), and
� A mean unrisked Prospective Recoverable Resource of 32.5mmboe.
The Chance of Success ("COS") for the Cane Creek reservoir zone was estimated by Ryder Scott at 56%, in their April 2014 report, representing a relatively low risk prospect.
A further 65 square miles of Rose's Grand Main leasehold area and 48 square miles of its Emery Main leasehold area contains additional prospectivity in the Cane Creek reservoir zone and the other Paradox Formation clastic intervals.
Matthew Idiens, CEO, commented: "The initial results from the 3D seismic acquisition are a watershed moment for the Company, with the identification of multiple highly prospective, relatively low risk drill targets with a COS of 56%, (THIS IS THE PRE-SESMICS COS), on our Paradox Basin acreage. We believe this area represents a highly attractive drilling proposition, supported by exc
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