Rose Petroleum identifies drilling targets in Utah
Source - SMW
Rose Petroleum said it had completed initial structural interpretation of 3D seismic data acquired over its Gunnison Valley Unit, part of its larger lease holding in the Paradox Basin in Utah.
The company confirmed that key geological structures were found to be present across the acquisition area and that multiple drilling targets had been identified.
The structural interpretation, which is an ongoing process, had to date identified 53 well locations in the Cane Creek reservoir zone alone, Rose Petroleum said.
'Negotiations with potential investors and partners to fund the drilling programme are ongoing, and the board will prioritise options, including joint venture and farm-in arrangements, to ensure that any dilution to existing shareholders is kept to an absolute minimum, while still realising the full value of the project,' chief executive Matthew Idiens said.
'We will keep the market fully updated on what promises to be a very exciting period ahead for the company.'
At 9:30am: (LON:ROSE) Rose Petroleum Plc share price was 0p at 3.8p