Junior oil firm Rose Petroleum reported Thursday that it has been granted a drilling permit by the State of Utah that will enable it to start operations at its State 1-34 Mancos Well in the Uinta Basin.
Rose had already been given approval to build the drilling pad and road, which it has now completed. Beaman Drilling Services, of Moab, Utah, will be moving its rig on location and starting operations prior to the end of the year, Rose said.
The company plans to drill to a total vertical depth of 3,200 feet, which will allow it to test both the Mancos shale and conventional reservoirs below the Mancos – which have been identified through the acquisition of 2D seismic data. Rose will take two whole cores as well as several rotary side-wall cores to determine specific rock properties to assist it in designing the horizontal well and the fracture stimulation treatment of the Mancos.
Rose CEO Matthew Idiens commented in a company statement:
"I am pleased to be able to announce the granting of the drilling permit and operations can now commence in earnest. We will mobilize the drill rig imminently and I look forward to updating the market further as operations develop.
"Rose has had a transformational year, despite the recent volatility of the oil market. With our large prospective recoverable resources of both oil and gas and low break-even cost, we are now entering a very exciting period and have an opportunity to create significant value for shareholders."
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