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Grant of Permits for Paradox Basin Seismic survey
Grant of Permits for Paradox Basin Seismic survey.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5965O Rose Petroleum PLC 22 August 2017 \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 \n22 August 2017\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nGrant of Permits for Paradox Basin Seismic survey\n \nRose (AIM: ROSE), the AIM quoted natural resources business, is delighted to announce that it has now received all necessary final approvals for its 3D seismic survey on its oil and gas exploration acreage in the Paradox Basin, Utah (the \"Paradox Acreage\") and the permitting process for the proposed survey is now complete. On 24 July 2017, the Company announced that it had received its final approvals from the Bureau of Land Management (\"BLM\"), which covers the Federal acreage of the Paradox Acreage. The Company has now received final approval from the Utah School and Institutional Trust Lands Administration (\"SITLA\") in respect of the State acreage of the Paradox Acreage. The SITLA approval was the final stage in the overall permitting process. The permits for the seismic survey cover an area of 61 square miles within the Paradox Acreage. Under the terms of the permits, the Company is able to commence operations from 1 September 2017.\nAs announced on 2 May 2017, the Company has assembled a highly experienced technical and operational team with specific Paradox Basin experience to assist in the completion of the seismic survey and the subsequent drilling program and the team has now been mobilised to finalise the optimisation and design of the survey within the permitted area.\nThe Paradox Basin is a natural fracture driven basin, meaning that the drilling process targets \"fracture swarms\" to enable the natural fracturing to provide the commercial flow rates so \"hydraulic fracking\" is not usually required. The 3D seismic survey is an essential part of identifying these fracture networks and therefore an essential path to unlocking the value of the Paradox Acreage. The Company is in dialogue with a number of third parties about potential funding options for both the 3D seismic su...