7th Nov 2014 08:22
LONDON (Alliance News) - Rose Petroleum PLC shares were trading higher Friday after the resource estimare for the Cisco Dome Field prospect area in Utah was upgraded.
Rose said Ryder Scott Company LP has published the resource estimate for the Cisco Dome site, which is located in the Mancos Development Area. Rose recently acquired the Cisco Dome assets.
Ryder Scott's best mid-case gross unrisked prospective recoverable resource estimate for the Cisco site is 31.8 million barrels of oil and 187.5 billion cubic feet of gas.
Rose said the additional resources bring the total estimate for the site to 517.8 million barrels of oil and 3,090.9 billion cubic feet of gas.
"We are pleased to add these additional certified resources estimates to our already significant Mancos Resource Estimates and look forward to announcing a further update on the conventional production also acquired in the Cisco deal in the coming months, once completed by Ryder Scott," said Rose Chief Executive Officer Matthew Idiens.
Rose was the best performer in the AIM All-Share in early trade on the back of the news, rising 12.4% to 3.16 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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