(ROSE) announced today that it has received approval from the U.S Bureau of Land Management for its Application for Permit to Drill (APD) its proposed GV 22-1 well in Utah’s Paradox Basin. This will be Rose’s first well.
While the company is looking to begin drilling as soon as possible, they have agreed with the BLM to extend the boundaries of the Utah unit, Gunnison Valley Unit, to include the new leases in that unit. The changes, expected to take around 45 days, will allow the GV 22-1 to be the next obligation well.
With permits and boundary changes complete, drilling can begin though discussions about financing are still ongoing with the BLM.
The GV 22-1 has a potential Estimated Ultimate Recovery of 894,000 barrels of oil equivalent and, situated in Utah’s booming oil production landscape, represents an exciting prospect for Rose’s first well. As previously reported, there are talks of bringing a new railroad to Utah which could increase the region’s oil production from 80,000 to 400,000 barrels a day.
Matthew Idiens, Rose Petroleum’s CEO, echoed this sentiment commenting, “We are delighted to have received this final permit for the GV 22-1 well. Having acquired a significant footprint in the Basin… processed and interpreted the data with fantastic results, we are now finally close to delivering on our key corporate objective of spudding our first Paradox well."
Follow news and updates from Rose Petroleum here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
On the podcast today: Galileo Resources discuss their initial inferred mineral resource estimate of their Star Zinc project. John Meyer talks about: Cora Gold, Power Metal Resources & Metal Tiger.
SP Angel research note on commodities and miners, featuring: AfriTin Mining* (ATM LN) – Uis tin project drill results Cora Gold* (CORA LN) – Metallurgical tests show 97% recoveries at Sanankoro Chaarat Gold* (CGH LN) – Annual results highlight Tulkubash growth/development progress and Kapan acquisition Katoro Gold (KAT LN) – Fully funded drill program planned for key targets at Haneti nickel sulphide project in Tanzania Kodal Minerals* (KOD LN) – Drilling update from Bougouni lithium project Power Metals Resources* (POW LN) – Major drill targets confirmed at Haneti Nickel Project Savannah Resources* (SAV LN) – Exercise option to acquire Aldeia mining lease
600 million people are set to gain access to electricity in the next decade, in an attempt to make a dent in the around 1 billion people who are still not connected. In this effort, experts in the energy sector are turning to an innovative solution-- off-grid energy systems.
Dr Clifford Gross, Chairman at Tekcapital commented: "We are delighted to see that Guident has exclusively acquired additional intellectual property rights to further enhance the adoption and utilization of AV's and drones."
On today's podcast: Bigblu Broadband provide a trading update. C4X Discovery discuss their collaboration with PhoreMost. Alan Green talks about Bidstack, Tiziana Life Sciences, RA International, IMC Exploration & Thomas Cook Group.