2nd Mar 2015 10:54
LONDON (Alliance News) - Rose Petroleum PLC on Monday said it has increased its land holdings in the Paradox and Uinta basins in the US state of Utah.
Rose has bought a 75% working interest and 1,597.8 gross acres in the Uinta Basin and an additional 3,344.6 acres in the Paradox basin.
Rose did not provide any details on the price paid for the additional acreage.
"We are pleased to have increased our overall acreage to over 250,000 gross acres covering both the Uinta and Paradox basins and consider it to be a prudent move given our forthcoming completion programme," said Rose Chief Executive Officer Matthew Idiens.
Rose shares were down 1.5% to 1.7 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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