edge closer to spudding their first well in the Utah’s Paradox Basin. News earlier this week of a Schlumberger study of the Gunnison Valley Unit (GVU) project area in the basin revealed that the proposed well “is situated optimally to capture the fold and fault related fractures.”
Today, Rose announced that they, along with their joint venture partner Rockies Standard Oil Company, have acquired a 75% working interest in an additional 1,920 gross acres (1,260 net acres) bordering its existing GVU.
The new acreage was acquired at a cost of $35,000 with an “exceptionally low” acquisition cost/net boe of $0.03/boe.
3D seismic data obtained by Rose obtained in late 2017, which covers a majority of the new acres, informed a targeted lease acquisition programme for the company which was completed with the purchase of this new acreage.
Rose has estimated that the new acreage has potential 2C Contingent Resources, net to Rose, of 1.2 million barrels of oil equivalent. If added to the existing resources, the GVU holds net 2C Contingent Resources of 12.33 mmboe, valued at a pre-tax net present value at a 10% discount rate of $122.4m.
CEO Matthew Idiens celebrated the news but emphasized that the company is “now focusing wholeheartedly on the main objective of financing the drilling programme.”
Read other coverage of Rose Petroleum's Paradox Basin project here
For more news and updates:
On today's podcast: W Resources provide an update on progress at La Parrilla, its tungsten-tin mine in Spain. Emmerson completes the Environmental Baseline Study at their potash project. Malcy talks about: Eco Atlantic O&G, Range Res, Bahamas Petroleum & Hurricane Energy. John Stepek author of Sceptical Investor.
SP Angel daily look at commodities and miners, featuring: Bluebird Merchant Ventures* (BMV LN) – Funding raised to complete pre-construction phase for Gubong gold mine Cora Gold* (CORA LN) – Sanankoro oxides demonstrate up to 97% gold recoveries Chaarat Gold* (CGH LN) – Joint venture to build gold mine in Kyrgyzstan Strategic Minerals* (SML LN) – Moving to 100% ownership of Redmoor
John Peters, Managing Director of Strategic Minerals, commented: "The recent resource upgrade has highlighted the potential world class nature of the Redmoor Tin/Tungsten project and has given the Board confidence to consolidate control.”
Emmerson (EML) announced today that its recently completed Environmental Baseline Study for the Khemisset Potash project has revealed no areas of concern regarding its scale, location, cost or profitability.
Five financial stories, trending today in a 70 second podcast, including: Accrording to the the British Chambers of Commerce, UK companies look set to cut investment by the most in 10 years in 2019 because of Brexit, even if Prime Minister Theresa May gets a deal to ease the country out of the bloc.
ImmuPharma is now in preparations for the Lupuzor Managed Access Program, in which 500 eligible patients in Europe will have early access to the medication, free of charge, for a minimum of two years.