Rose Petroleum today said the election of President Trump has given the US energy sector a “far more favorable” energy outlook.
The firm coupled the recent inauguration with OPEC’s decision to curb production as reasons things were look up for the industry.
Chief executive Matthew Idiens said: “We have been making progress on all fronts and with the change in political regime in the US, we feel the incoming administration will be very supportive of our industry and feel the future is encouraging for US energy, both in terms of oil and gas and nuclear industries. We hope to be able to announce the granting of the 3D permit in coming months which will enable us to commence the realisation of the significant potential value of our Paradox acreage.
“The Mexican mining operations team continue to evaluate potential JV partners for our SDA Mill with two projects showing sufficient grade/geology to be of interest.
“Having presented our proposal on the Cuban gypsum project, we are awaiting the official response and we have opened up discussion with CUPET in respect of oil & gas licenses, which we hope we can develop further.”
The firm’s permitting process of the 3D seismic shoot in the Paradox Basin in Utah continues to progress well, according to the firm.
The permit is expected to be approved and granted in first half of this year and firm plans to carry out the shoot in the second half.
It will include an area of 61 sq. miles covering the southern-most area of our circa. 90,000 net acres total land position in the Paradox Basin. The proposed shoot area is the area of Rose’s acreage closest to the acreage that was successfully developed by Fidelity Exploration and Production, now owned by Wesco Operating, which in the first quarter of 2015 produced an average of 2,100 barrels of oil per day and in 2012 held the record for the US’s highest producing onshore oil well.
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