31 Dec 2014 07:00
Rose Petroleum plc (AIM: ROSE)
("Rose" or the "Company")
Spudding of the State 1-34 Mancos Well
Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that its wholly owned subsidiary, Rose Petroleum (Utah) LLC, has spudded the State 1-34 Mancos Well located in the Cisco State Unit in Grand County, Utah.
For cost efficiency, Rose has used a smaller rig to spud the well and will bring in a larger rig in early January to drill the balance of the well to total depth. Per the operational plan for the well, surface casing will be set to 300 feet. Once the surface casing is cemented in-place, drilling operations will recommence in early January to a projected total depth of approximately 3,200 feet. Rose plans to take two whole cores across the Mancos formation in order to gather data to optimize the horizontal well and fracture stimulation designs.
Rose owns approximately 165,000 gross acres in the Mancos play in the Uinta Basin and over 245,000 acres collectively between the Uinta and the adjacent Paradox play.
John Blair, Director of Oil & Gas, commented: "The spudding of our first Mancos well in less than a year from the initial acquisition of the assets is a tribute to the hard work and dedication of Rose's staff and management and marks the first step in developing Mancos production on Rose's leasehold, which is on target for H1 2015 as planned."
For further information, please contact:
Rose Petroleum plc Matthew Idiens, CEO
| +44 (0) 20 3697 1209 |
Allenby Capital (Nominated Adviser & Broker) Jeremy Porter / Alex Price | +44 (0) 20 3328 5656 |
Lionsgate Communications (Public Relations) Jonathan Charles / Lynn Carratt | +44 (0) 20 3697 1209 |
About Rose Petroleum
Rose Petroleum plc (AIM Ticker: ROSE) is focusing on developing its oil & gas portfolio, while seeking to create value from its existing mining portfolio.
In March 2014, Rose signed a farm-in agreement under which its newly formed subsidiary, Rose Petroleum (Utah) LLC, can earn 75% of certain oil, gas and hydrocarbon leases covering approximately 230,000 acres in Grand and Emery Counties, Utah, USA, within the Paradox and Uinta basins.
In May 2014, Rose published the results of its reserve report prepared by Ryder Scott Company on the Mancos and Paradox Oil & Gas Projects. Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) basis for the collective total Mancos Shale and Paradox Formation combined was 1,452.86 MMBO (million barrels of oil) and 4,791.85 BCFG (billion cubic feet of gas).
In June 2014, the Company successfully raised £6.5m by way of an oversubscribed conditional placing and subscription to develop the Mancos and Paradox assets in Eastern Utah, and the completion of a further £3.5m fundraise was announced on 5 December 2014.
In October 2014, Rose acquired 100% of the assets of a privately owned SEP - Cisco Dome, LLC and various other associated entities for US$1.5 million in cash. The acquired assets included 11,000.02 gross / 8,250.02 net acres of highly prospective Mancos acreage, a gas compression station and gas processing plant as well as 17 producing wells and 35 shut-in wells.
Management intends to build on these projects to establish a balanced international asset portfolio. For further information please consult the Company's website: www.rosepetroleum.com