Re: ROSE Stream Log - Rose Petroleum (LON:ROSE) told investors...

Rose Petroleum (LON:ROSE) told investors that an existing well within its Utah shale project received the all clear for future operations and production testing planned for later this year. The 16-42 Paradox well was subjected to a mechanical integrity test of its casing and the State of Utah Department of Oil, Gas and Mining deemed the results satisfactory. "With the MIT test completed and the in-house operations team taking shape, Rose is looking in good shape for the future,” said chief executive Matthew Idiens. “We look forward to updating the market further on our drilling programme and key personnel in the coming weeks." Rose also said it is preparing a 3D seismic programme. It is currently finalising bids for work on the Gunnison Valley Unit. The regulatory and permitting process for the programme will now start imminently, with the work pencilled in for late in the third quarter or early in the fourth. Around the same time it is anticipated that Rose will conduct testing of the Paradox well, and will spud its first well on the nearby Mancos property, also in Utah. The company also said key operations personnel are currently being hired for these work programmes and it is please with the calibre of staff it is securing, however, notice periods for some of the new additions may cause minor changes to the planned schedules.