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Rose scales back US drilling due to low oil price

Industry news
Industry news

Rose Petroleum has scaled back drilling plans in the United States due to market conditions and the low oil price.

The AIM-listed natural resources company told investors that exploration in the Uinta Basin, Utah was “high risk” and that it would modify its drilling programme until commodity prices rebounded.

Rose had commenced the process of permitting six well locations in the Mancos Formation in the Uinta Basin, Utah.

The company added: “In consideration of the oil price environment, the board is focused on delivering a campaign that seeks to maximise value for shareholders, while evaluating cost saving initiatives.”

Rose is now focusing on one permit initially, within the Cisco Dome area.

The initial location selected was amended due to unforeseen archaeological elements and to avoid a wildlife-sensitive area.

The permitting process is now back on track and barring any additional unforeseen issues, the application is expected to be submitted within 60 days.

Rose and its contractors are currently finalising the archaeology, paleontology, and biological studies required to file the permit with the relevant authorities.

Rose will meet with the Bureau of Land Management and the archaeologists to confirm the revised location will meet all regulatory requirements for permitting.

Chief executive Matthew Idiens, said: “This current oil environment creates both a risk and an opportunity for Rose and having assessed our positioning, we believe that a solid production asset, economic at current price levels, would clearly be highly beneficial.

“We have also refined our drill programme and will focus first on developing a well on our Cisco Dome acreage.”

“With production in place from both this well and potentially, a new asset, we would be in a much stronger position to develop our current exploration portfolio, which benefits from a low break-even price.”

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