5th Aug 2014 09:58
LONDON (Alliance News) - Rose Petroleum PLC Tuesday said it has successfully carried out a mechanical integrity test of the casing at one of its wells and it is finalising bids for a 3D seismic survey.
Rose Petroleum, previously known as VANE Minerals, said it has now completed a mechanical integrity test of the casing in the 16-42 Paradox well located in Grand County, Utah.
The company said the test consisted of pressurising the casing then bleeding off the pressure on the wellhead. The results were deemed satisfactory by Department of Oil, Gas and Mining officials to meet casing integrity requirements for future well operations and production testing, planned for later this year.
Rose Petroleum also said it is finalising bids for its Gunnison Valley unit's 3D seismic survey and will begin the regulatory and permitting process imminently. It said the goal is to begin acquiring the data at the end of the third quarter or early in its fourth quarter.
The company said that it expects that while acquiring the data, it will begin testing the State 16-42 Paradox well and start testing the Mancos well.
Rose Petroleum shares were down 10.6% to 2.84 pence, putting it amongst the AIM All-Share losers on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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