Rose Petroleum: Mancos shale prospectivity reconfirmed

PUBLISHED: 29 Apr 2015 @ 22:19 | Comments (0) |

Mancos shale operations update

Rose Petroleum plc, the AIM-listed (LSE:ROSE) natural resources company, has provided an operational update on activities within its highly prospective Uinta Basin acreage in Utah, in which it has a 75% working interest, and where the Company’s primary target is the Mancos Shale.

Highlights:

· Core results to date from the Mancos Shale formation reconfirm the area’s prospectivity and have provided the Company with the positive technical data it hoped for – full core analysis results on track for Q2 2015
· Positive steps taken towards gaining permits for six new Mancos wells with a focus on submitting the ‘final authority to drill plan’ to the Bureau of Land Management in late May 2015

o HRL Compliance Solutions and Uintah Engineering have completed the internal location site evaluation, with no red flags, in consideration of the Environmental Assessment requirements and are in various stages of finishing reports to submit to the BLM
o Subject to timely provision of permits, the Company anticipates commencing drilling the first of these new wells in late 2015

· First horizontal well to be drilled at one of the six new well locations. Core results to date, combined with the more robust well control in the Cisco Dome region, suggest that this area has the potential to be the optimal initial prospect for drilling.

Matthew Idiens, Group CEO, commented:

“The results to date from the Mancos Shale core analysis are in line with our expectations and re-emphasise the prospectivity of this exciting opportunity. Based on the data gained by the analytical results, we are confident in proceeding with our exploitation of this formation. We plan to permit a six well programme and, having now selected our top targets, we are eager to move the process ahead and plan to start drilling the first of these in late 2015.

“Our detailed geological and engineering assessment suggests that targeting the Mancos in the Cisco Dome field will deliver the best results going forward for our shareholders and, given that we would need to re-permit a horizontal well at the State 1-34 location, we plan to target the new location with better well control and excellent surface infrastructure with the gathering system and processing plant nearby.

“Ty Watson and the team are pulling together to deliver on the stated operational milestones.”

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