Rose Petroleum PLC (LON:ROSE) chief executive Matthew Idiens described as “period of intense activity” as the US focused oil and gas junior reported interim results.
“We are at a really exciting time in the company's development as we look to evolve from an oil explorer to an oil producer in the next quarter," Idiens said.
As the company worked towards its goal of starting a well programme before the end of 2018, it achieved a number of notable milestones through the six months ended 30 June.
It assembled an operations team, worked on 3D seismic data, received an updated third-party assessment of the assets, began permitting for its first Paradox basin wells, and advanced well design engineering and project costings.
READ: Rose Petroleum set for substantial upside in Utah
The company also acquired additional acreage in the basin, within the seismic shoot area, and engaged with financial and industry partners to obtain funding.
Rose emphasised that its current activity in the Paradox basin remains the ‘absolute priority’, though noted other new opportunities.
Looking ahead to the remainder of the year, Rose said: “The period under review has seen the group deliver on many of the key operational milestones required to enable the spudding of its first Paradox well before the end of the calendar year.
“The board is looking ahead with confidence and is excited about the group moving from being an oil explorer to an oil producer in the next quarter.”
In terms of financial results, the pre-revenue explorer reported a $541,000 loss for the six months, and, ended June with $2mln of cash and equivalents.