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Multiple drilling targets identified by 3D seismic
Multiple drilling targets identified by 3D seismic.
About this update from Zephyr Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1267D Rose Petroleum PLC 29 January 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.\n29 January 2018\n \nRose Petroleum plc\n(\"Rose\", the \"Company\" or the \"Group\")\n \nMultiple drilling targets identified by 3D seismic data\nRose Petroleum plc (AIM: ROSE), the AIM quoted natural resources business, is pleased to announce it has now completed the initial structural interpretation of the 3D seismic data it acquired over its Gunnison Valley Unit (\"GVU\") which is part of its larger lease holding in the Paradox Basin, Utah, U.S.A. (\"Paradox acreage\").\nThe Company is delighted to confirm that key geological structures targeted by 3D seismic have been found to be present across the acquisition area, and following the analysis of the data, multiple drilling targets have been identified.\nThe structural interpretation, which is an ongoing process, has to date identified 53 well locations in the Cane Creek reservoir zone alone, within the 20 square miles of the GVU lease holding covered by the 3D seismic data. The initial internal resource estimates are consistent with the report prepared by our independent resource analysts, Ryder Scott, in their April 2014 report for the Grand Main leasehold area (85 square miles), which includes the GVU acreage. This report suggests that for the 20 square mile area covered by the 3D, the gross resource potential is as follows:\n· Mean unrisked undiscovered Original Hydrocarbon in Place of 450 million barrels of oil equivalent (mmboe), and\n· A mean unrisked Prospective Recoverable Resource of 32.5mmboe.\nThe Chance of Success (\"COS\") for the Cane Creek reservoir zone was estimated by Ryder Scott at 56%, in their April 2014 report, representing a relatively low risk prospect.\nA further 65 square miles of Rose's Grand Main leasehold area and 48 square miles of its Emery Main leasehold area contains additional prospectivity in the Cane Creek reservoir zone and the other Paradox Formation clastic intervals.\nRose's leases are located direct...