15th Sep 2014 08:17
LONDON (Alliance News) - Rose Petroleum PLC saw its shares rise early Monday after it said the final design of a 61 square mile seismic survey at the Paradox operations in Utah had been finalised, while the site for an initial well at the Mancos shale project in Colorado had been selected using 2D seismic data.
In a statement, the company with oil and gas assets in the US and Germany, gold and silver assets in Mexico and copper and uranium assets in North America, said notice of intent for the 3D seismic survey at Paradox has been filed with the US Bureau of Land Management, and the permitting process is underway.
The completion design of the 16-42 shut in Paradox well in the Gunnison Valley unit is being finalised and contractors are being secured for the completion of this well, which is anticipated to take place in the fourth quarter of this year, it added.
It is also working on securing the drilling contractor for the initial Mancos well, and hopes it will start in the fourth quarter as well.
Rose said it is continuing to evaluate a potential strategic acquisition in the Mancos project area, and is conducting due diligence. The potential acquisition will be funded from the proceeds of a GBP6.5 million fundraising the company undertook in June. It is hoping to complete the deal in the fourth quarter if it decides to proceed.
The company has also bolstered its US oil and gas technical team, appointing David Patterson as vice president of geology, and Savilla Cribbs as geological and engineering technician.
"With the team now in place it's all hands to the pumps and I am pleased with the progress we are making and the momentum now building on the operational front. I am confident we now have an experienced ops team is place to drive these projects forward," Rose Petroleum Chief Executive Matthew Idiens said in a statement.
Rose Petroleum shares were up 6.6% at 3.38 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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