Oil & Gas
In 2014, Rose Petroleum plc entered into a farm-in agreement to acquire a 75% working interest in 230,000 acres and one shut-in well located in the Uinta and Paradox Basins of eastern Utah, USA. Both the Uinta and Paradox Basins are significant oil and gas producing basins with extensive infrastructure.
In April of 2016 due to economic conditions of industry Rose made a strategic decision in efforts to preserve cash as best it could and reduce its risk by relinquishing its earn in right to the Mancos and Cisco Dome back to its partner Rockies Standard. This was done due to the poor testing results conducted in the area by Rose in the Mancos, as well as eliminating the sizeable land rental cost for the Mancos, and eliminating the P&A exposure.
Rose retains the drill to earn right in over 90,000 ac in the prolific Paradox Basin with Rockies Standards and are currently in the permitting process with the Moab BLM office for a 61 square mile 3D seismic shoot that will commence in September of 2017.
In addition, Rose is looking at other oil & gas opportunities, primarily in U.S. Shale Resource Plays. To date Rose as evaluated numerous other projects in the DJ Basin, Marcellus shale, and Bakken.
The Company has interests in base and precious metals and uranium. The base and precious metals projects are located in Mexico and the USA. In Mexico, the Company owns and operates a floatation mill and leach facility and operations center on projects that can generate cash from production to fund the Company’s exploration program. The Tango base-metals porphyry project is held by agreement that also covers gold and silver projects which are part of the same porphyry system. In the USA, the Company is focused on the southwestern USA porphyry-copper province. The Company’s uranium holdings are located in Arizona and Utah.