Rose Petroleum completes 3D seismic shoot in Utah's Paradox basin


ENGLEWOOD, Colorado -- Rose Petroleum, the AIM quoted natural resources business, has announced the completion of the acquisition of data from its 3D seismic shoot in the Paradox basin in Utah.

As previously announced on Oct. 5, 2017, drilling and recording teams had been mobilized for the shoot. Since then, excellent progress has been made and the 40-mi2 data acquisition is now complete. The shoot was completed without incident and as per the expected design, three weeks ahead of schedule and on budget.

The next phase is data clean-up prior to processing, followed by interpretation. The data clean-up process is expected to take approximately 10 business days, before transferring to processing. The initial review of the quality of the data acquired is very encouraging and the Directors believe it to be significantly higher quality than that acquired by previous programs in the area.

In total, the shoot comprised 6,886 total receiver points and 4,665 total source points. The accelerated timeline was possible due to the vibrator truck set up change from two teams of four vibrator trucks to three teams of three vibrator trucks, enabling an average of 311 source points shot per day. The "pickup" of all the recording lines has also now been completed and this concludes the program of physical gathering of all the shoot data.

It is currently envisaged that the initial results from the shoot will be available before the end of the calendar year, ahead of the Company's forecasted timeline. Further processing and interpretation will be ongoing to define the drill targets and these are now expected to be completed in early first-quarter 2018, ahead of the previously targeted end of first-quarter 2018.

Once the targets have been identified, the Company plans to commence the permitting process for the initial five drill target locations.

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