(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."
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