- Rose Petroleum said a study by Schlumberger at its Gunnison Valley project in Utah's Paradox Basin backed the planned drilling of new well.

In a fracture characterisation study for proposed well GVU22-1, the models showed the well was situated optimally to capture fold and fault related fractures.

The study also stated that it was expected that both fault and fold related fracture sets were viable from geomechanical modeling.

'This study corroborates our internal work and is consistent with the work performed by Gaffney Cline & Associates for the competent persons report, announced on the 22nd June 2018,' chief executive Matthew Idiens said.

'It reinforces the assessment of the Clastic 21 reservoir as a naturally fractured reservoir and illustrates the value of drilling the 22-1 well.'

'We look forward to working with Schlumberger to integrate these results as we further refine the GVU22-1 well trajectory.'

At 9:12am: [LON:ROSE] Rose Petroleum Plc share price was +0.2p at 2.7p

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