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Rose Petroleum (LON:ROSE) announced on June 22nd the result of the competent person's report ("CPR") by Gaﬀney Cline & Associates ("GCA") relating to Rose Petroleum’s acreage in the Paradox Basin, Utah. The CPR analyses the results of a 3D seismic acquisition completed in late 2017. The report provides a classification of Rose’s contingent resources, outlined in the table below. A useful summary of definitions is contained in the following web link. Details are also in the Rose Petroleum press release of June 22nd.
Under the terms of its earn-in agreement, Rose Petroleum must complete a single appraisal well. The company has indicated that this is expected by year-end 2018, at an estimated cost of US$7-8mln. Potential options for financing this include farm-in or joint venture (JV) arrangements; the company has indicated a commitment to minimising dilution to shareholder value, while still realising the full value of the project. The CPR provides Rose Petroleum with a strong platform to reach a deal with a financing partner.
We believe that in order to achieve the well completion in the fourth quarter (Q4) of 2018, we would expect to see drill permits and a financing partner both announced during Q3. Once these milestones are in place, we believe that the share price could begin to more fully reflect the value of the Paradox Basin holding.
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Shield’s lead asset Feraccru is a novel and highly...
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