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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.

 
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