Rose Petroleum is focused on developing its primary asset, 90,000 net acres of oil and gas leases located in the Paradox Basin in Utah, USA, in which it is earning into a 75% working interest. The basin is a prolific oil and gas producer, which has been successfully developed directly adjacent to Rose’s acreage. The Company is completing a 40 sq mile 3D seismic shoot in H2 2017, following which the data will be processed and interpreted in order to identify drill targets within the shoot area. The Basin is a fracture driven basin and therefore Seismic is key to identifying the drill targets. The existing operators in the basin have already proven the successful processes used to unlock the basin and Rose has built a team with significant experience within the Basin to enable us to replicate the historic success. We plan to utilise the seismic to identify the drill targets and commence the drill target location permitting in Q1 2018. The company plans to be in a position to commence a drill programme in H2 2018.
Rose Petroleum also has a portfolio of non-core historic assets, which it continuously reviews with a view to creating the most value for shareholders; at present, it has interests in base and precious metals and uranium projects located in Mexico and the USA.