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(ROSE) Rose Petroleum-General Share Chat

Discussion in 'General Share Chat (ROSE)' started by Azrael, Apr 12, 2016.

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  1. Azrael

    Azrael Risen from the ashes.....

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    Quite a rise here in the last few days, anyone know why?
     
  2. Steamy

    Steamy Co-Founder of BlueShare Staff Member Moderator

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  3. Azrael

    Azrael Risen from the ashes.....

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    Interesting that they are now looking at getting into gypsum in cuba while the oil price remains low. They certainly have a diverse range of interests.
     
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  4. Inspiration

    Inspiration Moderator Moderator

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    Competent Person's Report

    Maiden Contingent Resource and NPV Estimate

    The significance of the report is that is shows an upgrade from Prospective to Contingent Resources for Clastic 21 within the specified area. This is due to the ability to tie the 3D seismic data into the producing well 28-11 and map the maximum extent of the producing field within this area. The initial appraisal wells are designed to test the viability of the fracture network and to potentially prove the extent and commerciality of the field.



    Rose currently has a total net acreage position of circa 80,000 acres. Within this acreage the management believe there is additional prospectivity covering up to 37,000 acres in which Clastic 21 is likely to be present. Additional shallower clastic reservoir prospectivity also exists within the greater 80,000 acres and presents further upside as reiterated by the un-risked Prospective Resources reported by Ryder Scott Company in May 2014. Rose's assessment of this exploration potential will be updated in the near future with an additional CPR.

    Matthew Idiens, CEO, commented: "We are hugely encouraged by the reclassification of Contingent Resources within the 3D seismic acquisition area, reporting, net to Rose, a 2C Contingent Resource of 9.25 million barrels of oil and 18.50 Bscf of Gas and an unrisked pre-tax NPV10 of US$122 million. These metrics highlight the substantial scale and prospectivity of the Paradox project. The NPV estimate clearly demonstrates the significant upside potential compared to the Company's current valuation and this covers only a small portion of the total acreage position."

    "This assessment very much justifies our appraisal plans, which will be the first combination of horizontal drilling steered by the 3D seismic data on Rose acreage. A similar approach has proven successful in the development of the Cane Creek Field analogue directly south of our acreage. We are working hard to evaluate the remaining Clastic 21 potential outside the 3D area and shallower prospective zones both within the 3D area and beyond, which represent further upside opportunities within Rose's existing acreage footprint."

    "The farm-in process continues and is now supported by the CPR independently validating the geological and economic strength of the Project."

    The previous CPR by Ryder Scott Company, reported in May 2014, covered all the Company's acreage at that time and included up to 15 separate reservoirs (clastics) and reported Unrisked Prospective (Recoverable) Hydrocarbon Resources on a Best Case (P50 equivalent) of:

    · 966.37 MMBO (966 million barrels of oil) and

    · 1,888.46 BCFG (1.88 trillion cubic feet of gas).

    The Executive Summary from the CPR is set out further below. The CPR was prepared using definitions contained within the Petroleum Resources Management System (PRMS), which was approved by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers in March 2007.

    https://www.investegate.co.uk/rose-...esource-and-npv-estimate/201806220700052125S/
     
  5. Groucho

    Groucho Member

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  6. Groucho

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  7. Groucho

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  8. Groucho

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    Cantor Fitzgerald target - 9p
     
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  9. Groucho

    Groucho Member

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  10. Groucho

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  11. Groucho

    Groucho Member

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    25 September 2018


    Rose Petroleum plc


    ("Rose", the "Company" or the "Group")


    Interim Results for the six months ended 30 June 2018



    Rose Petroleum plc (AIM: ROSE), theNorth America-focused oil and gas company, is pleased to announce its unaudited interim results for the six months ending 30 June 2018.


    A copy of the Company's unaudited interim report for the six months to 30 June 2018 will shortly be available from its websitehttp://www.rosepetroleum.com.


    Matthew Idiens, Chief Executive Officer of Rose Petroleum, said:


    "Following a period of intense activity, we are at a really exciting time in the Company's development as we look to evolve from an oil explorer to an oil producer in the next quarter."


    ROSE PETROLEUM PLC

    INTERIM REPORT FOR THE SIX MONTHS TO 30 JUNE 2018

    The Board of Rose Petroleum plc ("Rose", the "Company" or the "Group") is pleased to present its unaudited interim report for the six-month period to 30 June 2018.

    REVIEW OF ACTIVITIES

    OVERVIEW AND OUTLOOK

    The period under review has been one of sustained progress, and the Group aims to achieve its key strategic objective of spudding its first well on its acreage in the Paradox Basin,Utah, U.S.A.("Paradox acreage" or "Paradox") before the end of 2018. The Group is earning into a 75% working interest in approximately 80,000 acres in the Paradox acreage through its joint venture partnership with Rockies Standard Oil Company ("RSOC").

    This follows on from the successful 3D seismic acquisition in the fourth quarter of 2017.

    The key operational milestones achieved during the period have been:

    · the assembling of a high quality operations team with extensive Paradox Basin experience to deliver the project;

    · the interpretation of the 3D data;

    · completion of an updated Competent Persons Report ("CPR") on the resources within Clastic 21 in the area covered by the 3D acquisition;

    · the commencement of the permitting of the Applications for Permit to Drill ("APD") for the first Paradox wells;

    · well design engineering and detailed costings of the initial wells;

    · the acquisition of further highly prospective new acreage that falls within the 3D shoot area; and

    · the engagement with financial and industry partners to obtain funding for the drilling of the first Paradox well and overall development of the project.

    This activity has been carried out with continued cash conservation which remains a key priority for the Board.

    The work carried out during the period, and particularly the interpretation and resource update work, has continued to highlight the substantial scale, value and geological potential of the Paradox project and it is very much hoped that the drilling operations planned for the fourth quarter of 2018 will enable the Group to unlock the potential of the Paradox acreage and begin to deliver the significant value on offer for its shareholders.

    Gaffney Cline & Associates ("GCA") were engaged to prepare the CPR for the acreage of the 3D seismic acquisition held by Rose (the "3D area"), being approximately 17,250 acres of the total acreage held by Rose inUtah. This CPR focused solely on a single reservoir, the Cane Creek reservoir (the "CCR" or "Clastic 21"), of the multiple prospective reservoirs within the Paradox Formation. The CPR upgraded the resource classification from Prospective Resources to Contingent Resources within the 3D seismic acquisition area, and reported, net to the Group, a 2C Contingent Resource of 9.25 million barrels of oil ("MBO") and 18.50 billion standard cubic feet ("Bscf") of gas and an unrisked pre-tax NPV10 ofUS$122 million. For a full summary of the CPR, please refer to the Group's announcement on 22 June 2018.

    The CPR clearly demonstrates the significant potential upside compared to the Group's current valuation.The Paradox Formation is made up of approximately 24 clastic zones, of which the Cane Creek Cycle (Clastic 21) is the primary producing zone of the basin to date. Up to five additional clastics, above the Cane Creek Cycle, are also thought to be prospective.The current CPR only covers a single reservoir interval (Clastic 21) out of these six potential stacked pays and only covers the small portion of the Group's total acreage position covered by the 3D acquisition, providing the opportunity to significantly increase resource numbers on the Paradox project in the future.

    The Board also believes that the CPR ratifies the proposed appraisal plans for the Paradox acreage, which will be the first combination of horizontal drilling steered by high quality 3D seismic data on the Group's acreage. A similar approach has proved very successful in the development of the Cane Creek Field analogue directly south of the Group's acreage. Further, we continue to evaluate the remaining Clastic 21 potential outside the 3D area and shallower prospective zones both within the 3D area and outside it, which represent further upside opportunities within the Group's existing acreage footprint.

    On 4 April 2018, the Group announced that it had increased its land position in the Paradox Basin with the acquisition of some highly prospective new acreage. The Group acquired a 75% working interest in an additional 3,320 gross acres (2,490 net acres) (the "new acreage") forUS$36per gross acre, resulting in a total consideration of approximatelyUS$120,000.

    The acquisition of the new acreage, which is continuous with the Joint Venture's existing acreage and is in close proximity to the producing 28-11 well, was achieved following detailed technical analysis of its geological potential. The new acreage is covered by the Group's 3D seismic survey which shows multiple highly attractive geological structures and potential well site locations.

    The prospectivity of the Group's acreage is further underpinned by the existence of the producing 28-11 well which is found just outside the new acreage, 365 metres to the south-west, and produces from a porous and permeable fracture network within Clastic 21, as shown on our 3D seismic. The 28-11 is a vertical well that was drilled by Delta Petroleum in 2006 without the benefit of 3D seismic. It has produced 141,000 barrels of oil equivalent ("BOE"), and represents a key piece of evidence for the presence of a greater fracture network across the area covered by the 3D seismic. In addition to the 28-11 well, three other vertical wells have been drilled within the 3D seismic areal extent and all show the presence of moveable oil within the reservoir matrix. These factors give the Board a high degree of confidence in the potential of the Group's acreage and, as a result, it has been decided to proceed to apply for an APD permit for an additional well location in the new acreage, the 22-1 well, which is also planned as a horizontal well targeting Clastic 21. The APD is expected to be approved shortly.

    Given the potential of the new acreage,the Group has been working with the BLM to include this new acreage within the Gunnison Valley Unit ("GVU"), where the Group's operational activity is focused. The addition of the new acreage within the GVU would give the Group more options in terms of first well location. This has been carried out in tandem with ongoing work to manage the existing acreage position and the Unit itself which requires careful oversight, particularly when taking into account the more proactive approach of the BLM towards land usage under the new political administration.

    If the BLM approves the proposed plan to include the new acreage within the GVU, then the Group will also be able to propose the next obligation well within this added acreage. The GVU, which covers approximately 60,000 acres, presently requires four obligation wells; the first obligation well has already been completed (GVU 22-9) by Anadarko in 2012 and the Group plans to drill the next one this year. In addition to the 22-1 well, the Group is also in the process of permitting the GVU 29-1 well and the State 16-2L well. The permit approvals are expected to be received shortly.

    The current discussions with the BLM in respect of the new acreage and unit reshape are not expected to impact on the Group's timeline on its plan of operations for the drilling programme. We have been working closely with the BLM on permitting in order to achieve this objective. Subject to rig availability and concluding project funding, it remains the Group's intention and expectation to drill its first Paradox well in the fourth quarter of this year.

    The Group has assembled a highly experienced subsurface and surface operational team with extensive experience and a successful track record in the Paradox Basin. The team designed, managed and implemented a nine-well drilling programme in the Paradox Basin for Fidelity Exploration and Production Inc., directly to the south of the Group's acreage. Eight of these wells were commercial and production grew from circa 100 barrels of oil per day ("BOPD") to over 3,500 BOPD from 2012 to 2014. As the Group moves through the well selection, permitting and funding processes for the first Paradox well, the Group is already realising the benefits of having such a first class team.

    As the Group's activity in the Paradox basin has intensified, Rose has been approached by a number of third parties about potential partnering and investment opportunities in the region. While the Group remains wholly focused on the Paradox project, the Directors believe that they should appraise any additional opportunities further, particularly those comprising producing or near-term producing assets, to see if there may be commercial synergies with the existing Paradox operations and whether they might add value to the Group's portfolio. The Paradox activity will remain the absolute priority, and there are no guarantees that any opportunities reviewed will develop further.

    MINING DIVISION

    The Group gave a full update on the status of its residual mining asset portfolio in its 2017 Annual Report. There have been no significant developments since the Annual Report was published in June 2018 and the profit from discontinued operations disclosed in the income statement relates to the conclusion of its activities inMexico.

    CUBAOPPORTUNITIES

    The Group continues to have an open dialogue with the Cuban national oil company, CUPET, regarding oil and gas licences. We believe that the oil and energy sectors inCubawill offer excellent potential in the future and we will continue to keep a watching brief for future investment opportunities. The Group is not currently incurring any expenditure in respect of these opportunities.

    FINANCIAL REVIEW

    The financial information is reported inUnited StatesDollars ("US$").

    Income Statement

    The Group reports a net loss after tax ofUS$0.5 millionor a loss of 0.41 US cents per share for the six months ended 30 June 2018 (30 June 2017: net loss after tax ofUS$2.2 millionor a loss of 5.78 US cents per share).

    The reduced loss for the period when compared to the prior year comparative period is primarily the result of unrealised foreign exchange differences that arise on the restatement of the Company's loans to its subsidiaries. These foreign exchange differences resulted in an unrealised gain ofUS$0.5 millionfor the six months ended 30 June 2018 (30 June 2017: unrealised loss ofUS$0.7 million). The gain in this period is the result of the strengthening of the US dollar against sterling.

    Administrative expenses for the period wereUS$1.0 million(30 June 2017:US$0.9 million), and were consistent with those incurred in the prior year.

    Balance Sheet

    Intangible assets at 30 June 2018 wereUS$12.5 million(30 June 2017:US$10.2 million). The primary reason for the increase was the ongoing investment into the Paradox and specifically the 3D seismic acquisition in the second half of 2017.

    Cash and cash equivalents at 30 June 2018 wereUS$2.0 million(30 June 2017:US$0.9 million) and increased as a result of equity fund raises in late 2017 and the first half of 2018.

    Outlook

    The period under review has seen the Group deliver on many of the key operational milestones required to enable the spudding of its first Paradox well before the end of the calendar year. The Board is looking ahead with confidence and is excited about the Group moving from being an oil explorer to an oil producer in the next quarter.

    I would also like to take this opportunity to thank our shareholders, advisers and employees for their continued support.



    MC Idiens

    Chief Executive Officer


    25 September 2018
     
  12. Groucho

    Groucho Member

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    Matthew Idiens, Chief Executive Officer of Rose Petroleum (ROSE) discusses some of the highlights from their interim results and provides an update on what's to come in the next 6 months.
    Rose Petroleum’s primary asset, approximately 80,000 net acres oil and gas asset located in the Paradox Basin in Utah, USA, in which it is earning into a 75% working interest. (Interview starts at 8 minutes 25 seconds)
     
  13. Groucho

    Groucho Member

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    Rose Petroleum
    Figures yesterday from Rose were by the by, it is the progress in the Paradox Basin in Utah that is coming along very nicely. the 3D seismic shows ‘multiple prospects and leads’ and a well is likely probably this year. The company has built up an incredible acreage position in one of the most interesting post codes onshore the US and makes for significant potential upside for Rose. Worth checking out what CEO Matthew Idiens said yesterday, “Following a period of intense activity, we are at a really exciting time in the Company’s development as we look to evolve from an oil explorer to an oil producer in the next quarter.”
    Malcy’s Blog 26/9/18
     
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  14. Groucho

    Groucho Member

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  15. Groucho

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  16. Groucho

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    March 2018 presentation.

    The operational team has now largely completed the subsurface assessment, well location selection and basic well design and engineering for Rose’s first proposed horizontal well, the GVU 29-1. The Application for Permit to Drill process for GVU 29-1 is well underway. The Notice of Staking, which is the first requirement for the Application for Permit to Drill, was lodged and accepted by the Bureau of Land Management in April 2018 and there was an onsite inspection of the proposed well location in May 2018. It is currently expected that the Application for Permit to Drill will be granted in Q3 2018, which will permit the commencement of drilling operations soon thereafter.
     
  17. Groucho

    Groucho Member

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    1 November 2018


    Rose Petroleum plc ("Rose or the "Company")


    BLM Approval of Application for Permit to Drill GV 22-1 well


    Rose Petroleum plc (AIM: ROSE), theNorth America-focused oil and gas company, is pleased to announce that theU.S.Bureau of Land Management ("BLM") has approved theApplication for Permit to Drill ("APD") for the proposed GV 22-1 well within the Company's Paradox acreage ("Paradox acreage") inUtah. The APD will be valid for an initial period of two years.


    The GV 22-1 well location is within the new leases acquired in March 2018, within the area covered by the Company's 3D seismic acquisition that was completed in December 2017, and adjoining the existing leases already within the Gunnison Valley Unit.


    The Company now plans to drill its first unit obligation well at the GV 22-1 location as soon as possible, however, the Company has agreed with the BLM to extend the boundary of the Gunnison Valley Unit to include the new leases in that unit. The unit boundary changes, which will allow the GV 22-1 to be the next obligation well, involve an amount of administrative detail and are expected to take approximately 45 days, assuming no unforeseen delays.


    Once the boundary changes have been completed all permits required from both the BLM andState of Utahwill be in place for operations to commence, subject to the operational stipulations of the APD. Discussions regarding financing of the drilling programme are ongoing and will be accelerated once these GVU boundary amendments are finalised by the BLM.



    The GV 22-1 will be a horizontal well which Rose's management consider has a potential Estimated Ultimate Recovery ("EUR") of 894,000 barrels of oil equivalent ("BOE"), consistent with the Gaffney Cline Competent Person's report.The potential of the GV 22-1 well is supported by its close analogy to highly productive structures (>1mmboe EUR) within the nearby Cane Creek Field (12 miles south) and locally by its close proximity to the producing 28-11 well (approx. 1 mile). This well produces from the porous and permeable fracture network within Clastic 21 and can be tied to the proposed 22-1 location within the 3D seismic data set. The 28-11 is a vertical well that was drilled by Delta Petroleum in 2006 without the benefit of 3D seismic. It has produced 141,000 barrels of oil equivalent ("BOE"), and represents a key piece of evidence for the presence of hydrocarbons and of a greater fracture network across the area covered by the 3D seismic. These factors give the Board a high degree of confidence in the potential of the GV 22-1 well, and it was for these reasons that the Company decided to prioritise the GV 22-1 location as Rose's first well.



    Further updates will be provided as soon as appropriate on both the inclusion of the additional leases within the GVU and on the proposed timing for the spudding of the Company's first Paradox well.


    Matthew Idiens, CEO, commented:"We are delighted to have received this final permit for the GV 22-1 well. Having acquired a significant footprint in the Basin, permitted and shot the 3D seismic, 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."
     
  18. Groucho

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