News blog

Rose Petroleum

  • BY: Andrew Hore |
  • POSTED: 17/03/2014 |

Rose Petroleum is continuing to refocus on oil and gas by farming-in to a 75% stake in leases in Utah.

The leases are in the oil and gas rich Uinta and Paradox basins in Utah and include the Cane Creek and Mancos shales. The Mancos shale formation is the second largest producing area in the Rocky Mountains.

Rose will pay $2m for the farm-in agreement, with one-quarter already paid and the rest payable in three equal instalments between September 2014 to November 2015. Three wells have to be drilled in Mancos and one in Cane Creek, which will require $9.5m and $7.5m respectively. After that the costs will be split 75/25. Rose Petroleum (Utah) will be the operator and it will receive 80% of net revenues. Rockies Standard Oil Company will retain 25%.

Ryder Scott is producing an independent resource assessment report on the leases.

At 0.6p a share, up 0.03p, Rose is valued at £4.76m. Rose already has three oil and gas licences in Germany plus mining interests.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFMarch2014_54.pdf

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds