Rose (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce that following the completion of the 3D seismic acquisition, as announced on 24 October 2017, the processing of the data acquired is now nearing completion and initial data provided by our processing consultants, 3D Imaging Technology, is of excellent quality. First pass interpretation of the structures within the Cane Creek unit are very encouraging. Multiple structures that are likely to contain natural fractures are visible and work will now focus on detailed mapping and reservoir characterisation to better define them and identify targets for drilling.
The processing of the data is expected to be completed in one week and interpretation work will continue to define the drill targets within the Paradox Clastics. The interpretation process is expected to take around 5 to 8 weeks, including the holiday period, with final defined targets expected to be identified at that point. At that stage, permitting of the drill locations is expected to commence.
Well design engineering is also underway to outline the well options available to Rose in preparation for completion of the subsurface evaluation. The key focus will be to deliver a safe drilling operation in the most cost effective manner possible.
Matthew Idiens, CEO commented:
“We are very encouraged by the initial results of the data acquisition. The data quality is excellent and will enable us to clearly define our drill targets within the Paradox Clastics. I would like to take this opportunity to thank our contractors and consultants who have done excellent work on our behalf on this project so far.”
The Company will be presenting at an investor presentation in London later today, organised by TPI and announced previously. To register your interest, please email email@example.com or call +44 (0) 20 3621 4121.
Rose also announces the launch of its new website, which has been redesigned and updated to reflect the Company’s strategy and development. The web address is unchanged. See www.rosepetroleum.com
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