Rose Petroleum plc is a North America-focused oil and gas company whose primary asset is approximately 80,000 net acres in the prolific oil and gas producing Paradox Basin in Utah, U.S.A., where it is earning into a 75% working interest. Using high-quality data gathered in a 3D seismic survey completed in October 2017, the company has identified 60 drilling locations, with the intention of commencing a drilling programme as soon as possible, subject to rig availability, funding, lease stipulations and Federal Unit regulations. The Application for Permit to Drill the Group’s first proposed well was granted in Q3 2018 and for a second well in Q1 2019.
The company’s established management is supported by an expert technical team with extensive experience of the basin, where current operations nearby have proven successful, with significant initial production rates and low decline rates, offering strong economics in the present oil price environment.
The company’s strategy is to grow both organically and through acquisition, identifying additional hydrocarbon assets, conventional or unconventional, that would benefit from the company’s fast-acting, entrepreneurial approach.
Rose’s management is committed to working diligently on behalf of shareholders and acting within strict corporate governance guidelines to pursue this strategy.