Rose Petroleum Completes Interpretation Of Gunnison Valley 3D Data

20th Mar 2018 14:26

LONDON (Alliance News) - Natural resources company Rose Petroleum PLC said on Tuesday it had completed the initial structural interpretation of the 3D seismic data acquired over its Gunnison Valley Unit.

Gunnison Valley Unit is part of its Paradox acreage in Utah, US. Rose Petroleum haS commenced the process to prioritise and select the first development well locations.

The company completed the ranking analysis and has selected the location of its first well, the RPGVU 29-1.

The process in applying for the permit to drill for RPGVU 29-1 is underway and the company has recently held face-to-face meetings with the regulatory parties responsible for the permitting process at both the Federal and State levels.

Furthermore, Rose Petroleum said it is now in the process of putting together a virtual data room for the project which is expected to be complete by the beginning of April.

Subject to the signing of confidentiality agreements, access will be available to those that have expressed interest in partnering on the project. The company says it remains confident of a positive outcome.

Rose Petroleum shares were down 17% at 2.50 pence per share.

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