9th Mar 2015 10:37
LONDON (Alliance News) - Rose Petroleum PLC on Monday said it is making progress on its Uintas and Paradox projects in Utah, with a rig mobilised at Uintas and permitting work for its seismic survey work at Paradox underway.
Rose said the completion rig has been mobilised at the Mancos well at the Uinta Basin project in order to verify the commercial nature of the hydrocarbon discovery made at the site.
It intends to begin production tests on multiple intervals in the well and, following successful testing, will hook-up a production facility and start production at the site. Rose said it expects to complete the analytical work on the cores covered from the primary Mancos Shale formation in the second quarter of this year.
At the Paradox Basin project, permitting is underway for the company's 3D seismic programme to identify a location for a first well at the prospect. It expects this to begin in the second quarter, subject to the necessary permits being secured.
"The next few months are a key time in the development of the company as we commence the completion of multiple intervals in the conventional reservoir, targeting production in the second quarter of 2015. Concurrently, we continue with the analysis of the whole core from the Mancos Shale, and the development of this unconventional target remains our key priority given the significant potential that it presents," said Matthew Idiens, Chief Executive Officer of Rose.
Rose shares were down 0.6% to 1.62 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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