Rose Petroleum updates on 3d seismic survey for Paradox Basin

Shares in Rose Petroleum are down 4% after a consultation process slightly delayed the permitting process for a proposed 3D seismic survey in the Paradox Basin, Utah.

On 7 March, Rose said the 15-day public consultation period for its 3D seismic shoot permit had formally begun.

It has since been informed by the Bureau of Land Management (BLM) that certain questions raised in the comments received should have been addressed by the BLM in the original Environmental Assessment Study (EA) that supports the permit application.

"As a result, Rose has now amended the shoot design to accommodate the points raised and resubmitted the documents to the BLM for its review," it said.

Once this review was complete, the revised and updated EA would be published and made available for a further 15 day public consultation period.

"The BLM has assured Rose that the revised timing of the granting of the permits will not impact the commencement of the proposed physical shoot in H2 2017," it said.

Rose added that it had now begun the process of assembling its technical team for the seismic shoot.

Chief executive Matthew Idiens noted that the comments raised on the EA, although slightly delaying the grant of the permit, should have no effect on the actual shoot timing.

It had given Rose the opportunity to review the efficiency of the shoot and enabled it to optimise the data points which might enable a reduction in the overall cost, again as a result of the new technical team's input.

At 12:30 BST, shares in AIM-quoted Rose Petroleum were down 4% to 0.12p each.