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Rose Petroleum making progress on all fronts

Chief executive Matthew Idiens said "with the change in political regime in the US, we feel the incoming administration will be very supportive of our industry."
Rose Petroleum making progress on all fronts
Rose wants to carry out a 3D survey before it starts drilling on its Utah acreage

Rose Petroleum PLC (LON:ROSE) said it is making progress across all areas of its natural resources portfolio and added it hopes to receive official sign-off for a 3D seismic programme on its Utah oil and gas acreage in the first half.

Rose appears to be gaining traction with the Bureau of Land Management that would allow it to begin the shoot on 61-square miles of the Paradox Basin property later this year.

This southern-most area of the property is closest to a neighbouring oil discovery, which turned out to be the highest producing onshore well in the US. Rose’s licence is estimated to be host to an un-risked 1.15 billion barrels of oil and/or gas condensate.

"We have been making progress on all fronts and with the change in political regime in the US, we feel the incoming administration will be very supportive of our industry and feel the future is encouraging for US energy, both in terms of oil and gas and nuclear industries,” said chief executive Matthew Idiens.

He added: “We hope to be able to announce the granting of the 3D permit in coming months which will enable us to commence the realisation of the significant potential value of our Paradox acreage.”

Down Mexico way ...

In Mexico. the company is reviewing projects that could potentially provide ore for processing at its SDA Mill and the company has assessed the potential of five opportunities.

Evaluations are continuing on two - one is a gold resource, the other silver.

Sticking with Mexico, Rose is currently in talks with its joint-venture partner on initiating a drill programme at the Tango Project to explore the porphyry targets and the San Agustin vein for potential gold-silver production.

It is also in discussions with the tax authorities in the country over the reclamation of an estimated US$760,000.

“We have made significant progress in this process over the past few months and are confident of a positive outcome,” Rose said.

In Cuba, the company is now awaiting an official response to its proposals to develop gypsum production that would supply the local market and the Caribbean.

Relationships developed on the island mean Rose is now in early-stage talks with the national oil company CUPET about acquiring oil and gas licences.

"Having presented our proposal on the Cuban gypsum project, we are awaiting the official response and we have opened up discussion with CUPET in respect of oil and gas licenses, which we hope we can develop further," said Idiens. 


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Rose Petroleum PLC Timeline

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February 26 2018

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