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BLM Approval for Permit to Drill GV 22-1 well
BLM Approval for Permit to Drill GV 22-1 well.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9563F Rose Petroleum PLC 01 November 2018 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n1 November 2018\n \nRose Petroleum plc (\"Rose or the \"Company\")\n \nBLM Approval of Application for Permit to Drill GV 22-1 well\n \nRose Petroleum plc (AIM: ROSE), the North America-focused oil and gas company, is pleased to announce that the U.S. Bureau of Land Management (\"BLM\") has approved the Application for Permit to Drill (\"APD\") for the proposed GV 22-1 well within the Company's Paradox acreage (\"Paradox acreage\") in Utah. The APD will be valid for an initial period of two years.\n \nThe 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. \n \nThe 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.\n \nOnce the boundary changes have been completed all permits required from both the BLM and State of Utah will 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.\n \n \nThe 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) wi...