Rose Petroleum plc

Completion Status Up-Date on State 16-42 Paradox Well

31-December-2014

Rose has perforated the first interval of a planned seven interval programme in the State 16-42 Paradox well in the Gunnison Valley Federal Unit

Rose Petroleum plc, the AIM-listed (Ticker: ROSE) natural resources company, is pleased to announce that following on from the commencement of operations announcement on 17 December 2014, its wholly owned subsidiary, Rose Petroleum (Utah) LLC, has perforated the first interval of a planned seven interval programme, covering a total of 19 individual potential pay zones in the State 16-42 Paradox well in the Gunnison Valley Federal Unit in Grand County, Utah.

Per the operational plan for the well, each interval, consisting of one or more zones, will be perforated separately and then isolated with retrievable bridge plugs. Once all of the intervals have been perforated and the individual data collected, the retrievable bridge plugs will be removed and the collective intervals will be tested together. The entire completion process for the well is estimated to take the majority of Q1 2015 to finalize, which is in line with our original time table.

Rose owns nearly 80,000 gross acres in the Paradox and over 245,000 acres collectively between the Paradox and the adjacent Uinta Basin Mancos play.

John Blair, Director of Oil & Gas, commented: "One of the primary goals of the completion of the 16-42 vertical well is to collect as much reservoir data as possible from each interval. The completion process on all the intervals should be finalised by end of Q1 2015. The reservoir data collected will greatly aid Rose in the planning and design of its first horizontal Paradox well which is scheduled for the Q3 of 2016 after the 3-D seismic survey has been shot and interpreted. The 3-D seismic survey is currently being permitted and shooting is planned to begin in late Q3 or early Q4 of 2015. Using the 3D seismic data, a location will then be selected for a horizontal well and the well permitting process will take approximately six months. The completion of the 16-42 vertical well will also help Rose achieve its goal of increasing production and reserves in 2015."