Proactive Investors - Run By Investors For Investors

Rose Petroleum chief says permit delay could work in company's favour

Rose Petroleum (LON:ROSE) chief executive Matt Idiens, says a request by Utah land officials, which ultimately delays permitting, is a blessing in disguise given the low oil price environment.

Work on an environmental assessment for Rose’s 1-15H well had started, but authorities now want five other drill locations captured under a single assessment rather than a separate studies, which was Rose's preference.

Idiens says a permit is not likely now until the second half of 2016, but considering oil is priced at US$40 a barrel, way off levels seen 18 months ago, it could work in the company’s favour.

Meet Core Exploration Ltd, Arrow Minerals Ltd, PNX Metals Ltd, King River Copper Ltd and St George Mining Ltd at our event, Melbourne , 25 June 2018. Register here »
View full ROSE profile View Profile

Rose Petroleum PLC Timeline

CN Video
February 26 2018

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use